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Shares of London-based Rio Tinto (RTP Quote) were rallying 7% on news that aluminum giant Alcoa(AA Quote) and the Aluminum Corp. of China (ACH Quote) would together buy a 12% stake in the company.
"This unsolicited development, of which we had no prior notice, reinforces our view of the long-term value of Rio Tinto," says Rio Tinto Chairman Paul Skinner.
Alcoa said it will contribute up to $1.2 billion to the roughly $14 billion total investment. ...
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