Rio Tinto close to getting 5 bln usd from sale of Alcan's packaging arm - report

Canadian aluminium group Alcan Inc is close to selling its packaging business, in a move that could give Rio Tinto, which is buying Alcan, about 5 bln usd, the Sunday Telegraph reported, citing no sources. US bubble wrap maker Sealed Air Corp is the frontrunner to buy the business with a cash offer, the paper reported. Rio Tinto plans to sell more than 10 bln usd of assets to help pay for Alcan. Last week, the miner succeeded in raising more than 40 bln usd in loans from banks to fund the 38.1 bln usd purchase of Alcan despite credit squeeze worries.