[miningmx.com] — Resources giant Rio Tinto on Monday said it has wrapped up the divestment of its Alcan Packaging business with the completion
of sales of its two outstanding assets.
The businesses were bought as part of Rio Tinto’s $38.1bn takeover of Alcan in 2007.
Rio Tinto said in a statement that Medical Flexibles has been acquired by Amcor for $66m and Alcan Beauty Packaging has been acquired by Sun European
Partners for an undisclosed sum.
The Medical Flexibles transaction, which comprises four North American plants,
recently received US Department of Justice approval.
It completes Amcor’s acquisition of the Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions.
The rest of the transaction was completed in February 2010 for a total consideration of $1.948bn.
Separately, the Alcan Packaging Food Americas division was acquired by Bemis
Company in March 2010 for a total all cash consideration of $1.2bn.
Rio Tinto’s takeover of Alcan saddled the group with debt. It then undertook to
sell down non-core parts of Alcan.
The group has made divestments worth more than $10bn since the start of 2008.
This year alone, the group has completed divestments of $3.6bn.
