Chinalco reportedly rejected tie-up with Rio, BHP

By MarketWatch Aluminum Corp. of China, or Chinalco, turned down an invitation to join Rio Tinto /quotes/comstock/13*!rtp/quotes/nls/rtp (RTP 182.28, +4.25, +2.39%) and BHP Billiton's /quotes/comstock/13*!bhp/quotes/nls/bhp (BHP 66.48, +0.90, +1.37%) Pilbara joint venture just days before the deal was announced June 5, the Australian reported on its Web site Tuesday, without citing sources. Chinalco is thought to have been offered an up to 5% stake in the joint venture in May, requiring an investment of at least US$5.8 billion based on the valuations implicit in the June 5 deal, the Web site reported. Chinalco turned down the offer because the restructuring of the original deal meant it wouldn't then be offered seats on Rio's board, the Web site said. However, neither Rio nor BHP seem to have ruled out engagement with Chinalco on joining the joint venture, the Web site said. Full story: http://www.theaustralian.news.com.au/business/story/0,28124,26296395-5001641,00.html