Alcoa Not Seeking to Raise Rio Tinto Stake

Alcoa isn't actively seeking to raise its stake in Rio Tinto despite plans by its ally, Chinalco, to increase its holding in the mining company, a report says.

Author:: TSC Staff
Publish date:: Nov 28, 2008 1:39 AM EST

Alcoa

(AA) - Get 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 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

BHP Billiton

(BHP) - Get 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.