Rio Tinto shareholders back Alcan takeover

SYDNEY — Rio Tinto shareholders have backed the Anglo-Australian mining giant's bid to buy Canada's Alcan and create the world's largest aluminium firm, the company said Friday. Rio Tinto said in a statement to the Australian Stock Exchange that shareholders backed the 38.1 billion dollar all-cash bid at two extraordinary general meeting held on September 14 and 28. It said there were 708.7 million votes for the proposal and 19.6 million against. "The board of Rio Tinto is pleased to have received such a strong endorsement from shareholders for the Group?s decision to acquire Alcan," Rio Tinto chairman Paul Skinner said. Skinner said Rio TInto was aiming to complete the transaction in the fourth quarter of 2007. The deal would represent the biggest-ever acquisition in the global mining and metals industry, creating a new company to be called Rio Tinto Alcan based in Montreal.