Rio Tinto announced today that it completed the sale of Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions to Amcor for a total consideration of US$1,948 million1, on 1 February.

Guy Elliott, chief financial officer, Rio Tinto, said “The completion
of this complex transaction is another significant step in the
recapitalisation of our balance sheet. Since the start of 2009 we have
completed divestments of US$5.6 billion despite a difficult environment
created by the global financial crisis. These proceeds, together with
the proceeds from our successful rights issues and strong underlying
cash flows, provide us with the flexibility to pursue value adding
investment opportunities as they arise.”

Rio Tinto announced on 18 August 2009 the receipt of a binding offer
from Amcor for these businesses for a total consideration of US$2,025
million. Today’s completion excludes the Alcan Packaging Medical
Flexibles operations in the US. The sale of these operations is the
subject of an ongoing detailed market review by the US Department of
Justice. The consideration has been adjusted to exclude the Medical
Flexibles operations and to reflect the actual business performance
over the past six months. The final consideration remains subject to
certain customary post-close adjustments.

Since February 2008, Rio Tinto has announced asset sales of US$10.3
billion. In 2008, Rio Tinto completed divestments totalling US$3.1
billion. In 2009, Rio Tinto agreed asset sales of US$7.2 billion and
completed US$3.6 billion of these. Completed transactions in 2009
include Ningxia (aluminium), Potasio Rio Colorado (potash), Corumb?
(iron ore), Jacobs Ranch (coal), Alcan Composites and the Cloud Peak
IPO.

Agreed sales yet to complete include Alcan Packaging Food Americas and Maules Creek (Coal & Allied).

Source: Rio Tinto

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