Rio Tinto clears hurdle in Alcan takeover

RIO Tinto is a step closer in its $US38 billion ($45.91 billion) takeover of Canadian aluminium producer Alcan after clearing another regulatory hurdle. The world's third largest mining company today received US anti-trust approval for the planned takeover of Alcan. The approval comes three weeks after Rio Tinto received confirmation that the takeover met the requirements of the continuity agreement between Alcan and the government of Quebec. That agreement was signed in 2006 between Alcan and the government of Quebec as part of a $US1.8 billion ($2.17 billion) investment program for the Saguenay-Lac-Saint-Jean region. Alcan's takeover will position Rio Tinto as the world's largest aluminium producer.