The market also not welcomed the news with enthusiasm

Founded in 1962, the mining group Rio Tinto today loses control of his destiny. To avoid to painful assignments imposed by its huge debt of $ 39 billion, the company had to hide behind the power of Beijing and one of his armed arms, Chinalco aluminum specialist public group. The agreement between the two companies provides that the latter brings $ 19.3 billion to Rio Tinto in redemptions of shareholdings in 9 of the most profitable assets of the anglo-australienne company (4 in aluminum and copper 4 and 1 in iron ore) to 12.3 billion and via the subscription of two issues of convertible bonds into shares for $ 7.2 billion. Chinalco will get two of the 15 seats on the Board of Rio Tinto.

New balances

The pair of allies will also create a Fund of $ 1 billion to develop projects ("Les Echos" of yesterday). In the aftermath, Chinalco Buys to Alcoa for $ 1 billion debt of $ 1.2 billion that the alumineur had incurred a year ago to participate with him in the redemption of 9 of the capital of Rio Tinto.

The transaction between Rio and Chinalco, a first in the mining world, is likely to change in depth the situation of this industry. The Anglo-Australian is now in a position very privileged to customers in China. China, the entry into force in Rio Tinto represents a blow to master impossible recently enabling it to penetrate the large door in the country's rich mines, the Australia. Only natural resources of the Canada and the Russia are now missing Chinese fighter table. But the party is not yet won.

In Australia, it refers to the return of the "yellow peril". In this great liberal country with strong democratic traditions, there is concern that, through Chinalco, Beijing put their hands on this strategic activity. This is why Xiao Yaqing, President and CEO of Chinalco, has endeavoured, yesterday, deny any link between his company and the Chinese authority. "Despite the fact that we are a State company, we operate in complete independence." "All of our decisions related to the marketing, production or investment spending are taken by management with full autonomy," said the former engineer, became a model pattern in the eyes of the Communist Government. Statements challenged by Peng Bo, Ping An securities: "Chinalco always belongs to the Board of Directors and supervision of the assets of State (SASAC)." Its investment is in agreement with the Government's strategy. "Funding for Chinalco shopping will be provided by the Chinese public banks and buckled up before March 31. Elements well known by Canberra that the green light is needed.

Barriers to predict

The opinion of the individual shareholders will also weigh heavy. As the transaction is dilutive to existing shareholders of the group. The market also not welcomed the news with enthusiasm. Yesterday in London the action of Rio Tinto dropped 1.52. The two allies must also pass under forks admit defeat of the regulators of the countries where are located the assets included in the transaction, including the Chile and Australia (read below). Finally, the engagement between Rio Tinto and Chinalco could be disrupted by BHP Billiton, the loser in the English Channel comes to play. He has until May to decide if it wants to launch an alternative offer.