Alcoa Not Seeking to Raise Rio Tinto Stake
Alcoa
(AA) - Get Alcoa Corporation Report
isn't actively seeking to raise its stake in miner
Rio Tinto
( RTP) despite plans by its ally, Chinalco, to increase its holding,
Reuters
reports.
Alcoa and state-owned
Aluminum Corp. of China
(ACH) - Get Aluminum Corporation of China Limited American Depositary Shares Report
, or Chinalco, together in February bought 12% of Rio's London shares, or 9% of Rio's total share registry, for about $14 billion in a move that followed a hostile takeover bid for Rio from rival
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BHP Billiton
(BHP) - Get BHP Group Limited American Depositary Shares (Each representing two) Report
, according to
Reuters
.
"We're not actively seeking to increase our stake right now," Alcoa Australia Managing Director Alan Cransberg told
Reuters
after a speech in Melbourne.
Chinalco this week said it plans to lift its stake in Rio to at least 14.99% after BHP abandoned a $68 billion bid to buy Rio Tinto on Tuesday.
This article was written by a staff member of TheStreet.com.
