Rio Tinto's cable sale falls through

1st Dec 2009 07:44

Heavily indebted Rio Tinto said the sale of Alcan Composites to Schweiter Technologies, first announced on 22 September, has completed.The $349m price tag brings to $8.3bn the amount Rio Tinto has raised in asset sales since February 2008, while it is also set to receive $2.025bn for the Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions from Amcor.One transaction that will not be going through, however, is the proposed sale of 56% of the Alcan Engineered Products Cable division to private equity investor Platinum Equity.The deal has been terminated in accordance with the terms of the sale and purchase agreement. No further details were released.