Rio Tinto Completes the Acquisition of 11.65% Stake in Boyne Smelters [Yahoo! Finance]
SUMITOMO CHEM UNSP/ADR (SOMMY)
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Source: Yahoo! Finance
BSL is located at Boyne Island in Central Queensland and is Australia's second-largest aluminum smelter. This transaction takes Rio Tinto's ownership of BSL to 71.04% while Mitsubishi will no longer have any stake in the same. Rio Tinto to Increase Stake in BSL to 73.5% On May 31, Rio Tinto agreed to acquire a 2.46% share in BSL that was held by Sumitomo Chemical Company Limited (“SCC”), which is part of Sumitomo SSUMY. With the recent acquisition of Mitsubishi's 11.65% stake and the finalization of the transaction with SCC, Rio Tinto will have a majority stake (73.5%) in the joint venture. The remaining will be held by YKK Aluminium (9.50%), UACJ Australia (9.29%) and Southern Cross Aluminium (7.71%). Boyne Smelters has been operating for more than four decades. Investments made in the operations over the past years have increased its annual capacity from 210,000 tons of aluminum to the current capacity of more than 500,000 tons of aluminum. BSL also continues to invest in a
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