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pounds 7bn dawn raid on giant Rio Tinto; MINING.

The battle for control of Rio Tinto took a twist yesterday after it emerged that Chinese group Chinalco and US firm Alcoa had snapped up a 12 per cent stake in the mining giant.

The pounds 7 billion dawn raid, thought to be one of the biggest in UK corporate history, comes just days before rival BHP Billiton faces a deadline to launch a formal takeover bid for the Anglo-Australian miner.

However, the stake-building has cast doubt over a potential deal, with the pounds 60-a-share paid by Chinalco and Alcoa well above BHP's proposed offer.
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Publication:The Birmingham Post (England)
Date:Feb 2, 2008
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