Mon Aug 25, 2008
SYDNEY (Reuters) - Australia has approved Chinese aluminum giant Chinalco's recent purchase of a minority stake in Anglo-Australian miner Rio Tinto, but warned the Chinese firm against buying more shares without prior approval.
State-owned Aluminium Corp of China (Chinalco), backed by U.S. peer Alcoa Inc, began amassing shares this year with the aim of taking up to 14.9 percent of Rio, the target of a $127 billion takeover bid from rival BHP Billiton http://uk.reuters.com/article/euPrivateEquityNews/idUKSYD5752920080825?sp=true