Market News

Hydro withdraws offer for Rio Tinto's aluminium assets

14/09/2018 15:01

(Sharecast News) - Rio Tinto said on Friday that Norway's Hydro has withdrawn its offer for the miner's aluminium assets. Hydro will no longer acquire Rio's aluminium smelter in Iceland, its 53.3% stake in the Aluchemie anode plant in the Netherlands and its 50% share in the aluminium fluoride plant in Sweden.

A sale and purchase agreement was signed in June but the deal remained subject to a number of conditions, including approval by competition authorities, Icelandic governmental authorities and commercial parties. "The European Commission competition approval process has taken longer than anticipated and remains outstanding," Hydro said.

"After considering alternative timelines, outcomes and developments, Hydro requested to terminate the transaction and the parties have signed a termination agreement." Hydro will continue to own a 46.7% share in Aluchemie. At 1510 BST, Rio shares were up 0.9% to 3,592p.

Investors should be aware that past performance is not a reliable indicator of future results and that the price of shares and other investments, may fall as well as rise and the amount realised may be less than the original sum invested.


Walker Crips Group plc (Old Change House, 128 Queen Victoria Street, London EC4V 4BJ), registered in England, registered number 1432059, incorporates the following companies which are authorised and regulated by the Financial Conduct Authority: Walker Crips Investment Management Limited registered in England number 4774117 member of the London Stock Exchange, Walker Crips Wealth Management Limited registered in England number 3790291, Ebor Trustees Limited registered in England number 3514268, Barker Poland Asset Management LLP registered in England and Wales number OC341149.