Rio Tinto shareholders back Alcan offer

Rio Tinto Ltd shareholders have approved the major miner's $43 billion takeover of Canadian aluminium producer Alcan Inc. Rio Tinto is set to become the world's largest aluminium producer after the company's shareholders voted in favour of the transaction at a meeting in Melbourne. The major miner is offering $US101 cash a share for Alcan, valuing Alcan at $US38.1 billion ($A43.37 billion). Rio Tinto chairman Paul Skinner said the company was pleased with the strong endorsement from shareholders of the Alcan acquisition. "The transaction will bring Rio Tinto a set of aluminium assets of the highest quality, which are competitively well positioned and will transform our aluminium business into a world leader," Mr Skinner said. "We are aiming to complete the transaction in the fourth quarter of 2007 and are working closely with various regulatory agencies to achieve that objective." Rio Tinto, which launched its bid for Alcan in July, has already received approval from the Canadian Competition Bureau, US anti-trust authorities and the government of Quebec. The company still requires clearances from Australian authorities and the European Union. Rio Tinto shares gained $1.51 to $108.96 by 1606 AEST.