EU Clears Miner Rio Tinto To Buy Alcan

The European Commission said it has cleared Anglo-Australian mining company Rio Tinto to buy Canadian aluminum producer Alcan. The commission said the deal wouldn't cause antitrust problems, as the combined companies will continue to face strong competitors. The deal is valued at $38.1 billion. The companies have already received U.S. approval for the deal. High metal prices have set off a wave of consolidation in the industry. The transaction will transform Rio Tinto's aluminum business into a world leader. The new aluminum business, will be named Rio Tinto Alcan and will be headquartered in Montreal.