RIO TINTO - Alcan's packaging operations,

12 April 2008

RIO TINTO could be close to selling Alcan's packaging operations.


India's Economic Times yesterday quoted un-named sources as saying that Essel Propack and Ess Dee wanted to acquire the packaging operations and then divide up the assets between themselves.

"Rio Tinto's packaging unit is very similar to our line of business and hence it makes great sense for us," the newspaper cited an anonymous Essel Propack executive as saying.

Rio Tinto Alcan's packaging business is the world's second-largest supplier of aluminium wrappings and containers for food, drugs, cosmetics and cigarettes, with around 31,000 employees in 35 countries.

Analysts estimate the value of the operations to be as high as $12 billion.

Rio chief executive Tom Albanese flagged the sale of the business shortly after the miner's $US38 billion acquisition of Alcan in mid-2007.

But the packaging assets have so far proved difficult to sell, partly because the global credit crisis has made it trickier for potential acquirers to raise the funds for such a large purchase.

http://www.news.com.au/heraldsun/story/0,21985,23525616-664,00.html


Economic Times reported interest of Essel Propack in the deal in Septermber 2007 itself. It carried a news item on the topic on 12 September 2007 on front page

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Edited
Stefen Davidoff
Assistant Professor Law
Wayne State University