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Alcoa and Aluminum Corp. of China, known as Chinalco, have jointly acquired a 12% stake in Rio Tinto, Alcoa announced Friday, in a statement.

The deal is estimated to be worth $14.05 billion, and represents the largest overseas investment by a Chinese company, Chinalco said. Alcoa Inc. (NYSE: AA) said it would contribute $1.2 billion to the investment.

Alcoa's shares closed Friday up $1.19 to $34.15 on the news, as did Rio Tinto plc (ADR) (NYSE: RTP), which closed up $34.05 to $441.00.

Alcoa and Chinalco's stake could very well obstruct a bid from Anglo-Australian mining giant BHP Billiton for Rio Tinto, the Associated Press reported. BHP Billiton Limited (ADR) (NYSE: BHP) closed up $6.15 to $73.73.

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Alcoa, Chinalco 12% interest in Rio Tinto seen as savvy move for both stakeholders originally appeared on BloggingStocks on Fri, 01 Feb 2008 18:24:00 EST. Please see our terms for use of feeds.

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