Rio Tinto Holders Approve Alcan Takeover

The $40 billion Rio Tinto takeover of Canada's Alcan took another important step forward as the miner's shareholders voted in favor of the deal. Rio Tinto said that 708.7 million shareholders had voted in favor of the huge deal, while 19.6 million had voted against. Holders of Rio Tinto's London-listed shares voted at a meeting earlier this month while Australian shareholders cast their votes at a meeting in Melbourne today. Chairman Paul Skinner said the board was pleased to have received such a strong endorsement from shareholders. "The transaction will bring Rio Tinto a set of aluminum assets of the highest quality which are competitively well positioned and will transform our aluminum business into a world leader," he said. Skinner said Rio Tinto is aiming to complete the transaction in the fourth quarter of 2007 and is working with regulatory agencies to win the remaining approvals.