Rio Tinto organizes shareholder vote on Alcan deal

Mining giant Rio Tinto Group expects to hold special meetings late in September to allow its shareholders to vote on its $38.1-billion US takeover offer for Alcan Inc. In a regulatory filing, Rio said the meeting dates will be set shortly for shareholders of parent Rio Tinto PLC in Britain and of Rio Tinto Ltd. in Australia. It needs at least 50.1 per cent approval. The bid for Alcan expires Sept. 24. Dates for the meetings will be announced "shortly," London-based Rio said Tuesday in a regulatory filing. Alcan shareholders are also required meet at some point to vote on the offer, and a two-thirds majority is needed for approval of the deal. Rio has secured $40 billion of financing for the takeover from Deutsche Bank AG, Royal Bank of Scotland Group Plc, Credit Suisse Group and Societe Generale SA, which are trying to find buyers for the loans. Rio Tinto CEO Tom Albanese has said he doesn't expect any financing problems even with the global credit crunch.