Rio Tinto acquires Alcan

Following an offer made last July, Rio Tinto, one of the leading global minerals producers, has acquired the almost complete share package of Alcan, the world's third largest aluminium producer. The offer of more than USD 38 billion was made by the subsidiary Rio Tinto Canada Holding and has led to the formation of a new company called Rio Tinto Alcan.

Following the acquisition, Yves Fortier, Paul Tellier and Dick Evans joined the management of Rio Tinto. Alcan's president Fortier and non-executive director Tellier were appointed non-executive directors of Rio Tinto. Dick Evans, currently chief executive of Alcan, was named executive director of Rio Tinto and chief executive of the new Montreal-based firm Rio Tinto Alcan. He will report directly to the Rio Tinto chief executive Tom Albanese.

Rio Tinto aims to acquire the minority shares left on the market with a view to withdrawing Alcan stock from circulation.

With 430 production sites and representation offices in 61 countries, Rio Tinto Alcan has an annual production of 30 million tons of bauxite, 8.7 million tons of alumina and 4.3 million tons of aluminium.