Rio Tinto sells another chunk of Alcan

31st Mar 2010 14:44

Rio Tinto's debt reduction programme continues in full swing with the miner announcing it has received a binding offer for its Alcan Beauty Packaging business, though it declined to reveal the sale price.The business is being acquired by Sun European Partners, the European adviser to Sun Capital Partners, a global private investment firm with offices in Europe. Sun European Partner has 'a strong track record of investing in the packaging industry,' said Guy Elliott, chief financial officer of Rio Tinto.'This binding offer is another important step towards completing the divestment of the Alcan Packaging businesses,' Elliott said. 'We believe the offer is in the interests of all stakeholders and represents a good outcome for our shareholders,' he added.In total, Rio Tinto has raised more than $10bn through asset disposals since the beginning of 2008. The mining giant's net debt at the end of 2008 stood at $18.9bn. At the beginning of March the company sold off its Alcan Packaging Food Americas division for $1.2bn.