Rio Tinto announced it has completed the divestment of 61% of Alcan Engineered Products (AEP) to certain investment funds affiliated with Apollo Global Management LLC and the Fonds Stratégique d’Investissement (FSI). Apollo is now the majority shareholder in AEP, with a 51% stake in a new holding company for AEP and the FSI holding 10%; Rio Tinto holds a 39% stake.
“The closing of our majority divestment in AEP marks Rio Tinto’s exit of substantially all downstream businesses,” said Guy Elliott, CFO of Rio Tinto. “Since 2008, we have completed divestments in excess of $11 billion.”
For additional details, visit www.riotinto.com