Mining mergers hunt rich seams as developing states seek metals
Monday, 16 July 2007
NEW YORK, July 15 (AFP): Frenzied action in the once- stodgy sector of mining and metals in recent months has led to a series of record- breaking deals, and some market participants say the consolidation is not over yet.
In the past week, Anglo-Australian mining giant Rio Tinto struck a deal to take over Canada's Alcan in a gargantuan 38.1- billion-dollar deal aimed at forging the world's largest aluminium company, and Brazilian steelmaker Gerdau moved to takeover Chaparral, a US firm, for four billion dollars.
Meanwhile, on the other side of the world, mining giant BHP Billiton saw its shares surge in Sydney Friday amid speculation it could mount a takeover for American aluminium group Alcoa, which was trumped by Rio Tinto in the bidding for Alcan.
In the past week, Anglo-Australian mining giant Rio Tinto struck a deal to take over Canada's Alcan in a gargantuan 38.1- billion-dollar deal aimed at forging the world's largest aluminium company, and Brazilian steelmaker Gerdau moved to takeover Chaparral, a US firm, for four billion dollars.
Meanwhile, on the other side of the world, mining giant BHP Billiton saw its shares surge in Sydney Friday amid speculation it could mount a takeover for American aluminium group Alcoa, which was trumped by Rio Tinto in the bidding for Alcan.