New Chinalco chief to pursue Rio deal

The new president of Aluminum Corp of China (Chinalco), Xiong Weiping, said the company would continue to pursue a US$19.5 billion bid to increase its stake in Anglo-Australian miner Rio Tinto, despite shareholder opposition and fears of Australian efforts to block the deal, the Wall Street Journal reported. The bid would give Chinalco an 18% stake in Rio. Xiong downplayed reports of Australian government reluctance to approve the deal. "The Australian government will also review the deal under the relevant laws," he said. "We haven’t received any requests to renegotiate any details." He also said that Chinalco would not attempt to influence Rio Tinto’s business for political reasons. Xiong’s predecessor, Xiao Yaqing, recently left his position to take a post in the State Council.