Blackstone to advise China on Chinalco BHP-Rio role: report

Blackstone Group has been asked to jointly advise Aluminum Corp. of China, the Chinese state-owned aluminum company known as Chinalco, on its role in BHP Billiton Ltd.'s takeover bid for Rio Tinto PLC, The Sunday Telegraph reports. Officials in Beijing have appointed the global corporate advisory arm of the investment firm Blackstone to provide advice on the wave of consolidation taking place between Chinese firms and the world's major commodities producers, the paper says. Chinalco snapped up 9% interest in Rio Tinto in January, and is considering whether to increase its stake in an attempt to put pressure on BHP Billiton to strike a deal with it over raw material supplies, the report said. Source: MarketWatch