Rio Tinto Clears Final Hurdle For Alcan Buy

Global miner Rio Tinto said it had acquired all necessary regulatory approvals to buy Canada's Alcan ahead of the offer's expiration Oct. 23. The $38.1 billion takeover would create the world's biggest aluminum producer. A Rio Tinto spokeswoman said that progress on the transaction has "gone as expected." Rio Tinto shareholders have approved the agreement. And Alcan shareholders have until the end of the day Tuesday to accept it.At least 66.6% of Alcan shares must sign off on the $101-per-share offer. The Rio Tinto spokeswoman said the company would announce the status of acceptances Tuesday. It has extended the offer once and could do so again, the company said. The company announced Canadian approval to complete the transaction, the final outstanding regulatory hurdle. To win the approval, Rio Tinto pledged to establish the new global aluminum leader's headquarters in Montreal, ensure a majority of Canadianbased senior managers are Canadian, and promised major capital expenditure commitments in the country.