Rio Tinto Group, the world's third-largest mining company, plans to hold meetings in September for shareholders to vote on the proposed $38.1 billion acquisition of Canadian aluminum producer Alcan Inc.
Dates for the meetings will be announced "shortly," London-based Rio said today in a regulatory filing. Rio said it needs more than 50 percent of the votes from Rio Tinto Plc and Rio Tinto Ltd. shareholders for the transaction to proceed. Rio Tinto is the parent of Kennecott Utah Copper.
Rio has secured $40 billion of financing for the takeover from Deutsche Bank AG, Royal Bank of Scotland Group Plc, Credit Suisse Group and Societe Generale SA, which are trying to find buyers for the loans. Rio Tinto Chief Executive Officer Tom Albanese said in an Aug. 2 interview that he doesn't expect any financing problems amid the global rout in credit markets.