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Chalco to Bid for Parent’s Assets at 4.18b yuan

Tuesday, Mar 18, 2008
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Hong Kong, March 17—Aluminum Corp of China Ltd.(Chalco) , the fourth largest aluminum producer in the world, announced on Monday that it will offer 4.18 billion yuan to bid for its parent company’s six assets. Chalco said that the bid could better operate the aluminum manufacturing of its parent company Chinalco, mitigating the internal competition and reducing cost. Securities analysts said that the bid will do good for Chalco, while also depending on the final price. But credit analysts think that Chinalco intends a bigger investment on Rio Tinto through the money from its affiliate’s bid. The assets, made up of six subsidiaries majority-owned by Chinalco, are 56.86% shares of Huaxi Aluminum, 75% shares of Chinalco Ruimin,100% shares of CSWA Cold Rolling Co, 60% shares of Chinalco SW Aluminum, 84.02% shares of Henan Aluminum and 100% shares of Longxing Aluminum.

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