Rio/Alcan merger gets SA competition thumbs up

The South African Competition Commission has recommended that the Competition Tribunal approve the merger between international mining group Rio Tinto and aluminium producer Alcan. The merger is an international transaction in which Rio Tinto has made an $38,1-billion all-cash offer for all of Alcan's outstanding ordinary shares. More than 97% of Rio Tinto's shareholders approved its purchase of Alcan in September. The companies recently named the executive management team that will lead the newly created, world's-largest aluminium producer. The merger received US antitrust approval in August.