Rio Tinto finds buyer for Alcan Packaging

18th Aug 2009 07:03

Cash strapped miner Rio Tinto has received a $2.025bn offer for the majority of its Alcan Packaging business.The binding offer has been received from Amcor and covers the Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions.The deal does not include the remaining Beaty packaging division which will be sold off separately.Rio will respond to this offer after consulting with the relevant European works councils.'We believe Amcor's offer is in the interests of all stakeholders. These businesses would be acquired by a leading player in the global packaging sector that is very well placed to enable ongoing success of the businesses. In addition, we believe that this offer would deliver good value to Rio Tinto shareholders,' said Guy Elliott, chief financial officer of Rio Tinto.The divisions Amcor is seeking to acquire generated total revenues of $1.8bn in the first half of 2009.