Chinese resources behemoth Chinalco has moved closed to acquiring Rio Tinto in a USD$19.5 billion (AUD$37.65 billion) deal.
Government-owned Chinalco had been subject to scrutiny from the Australian Competition and Consumer Commission (ACCC) due to the perceived effect an agreement could have on iron ore prices.
But the commission said in a statement: "On the basis of information provided … the ACCC concluded that Chinalco and Rio Tinto would be unlikely to have the ability to unilaterally decrease global iron ore prices below competitive levels."
Considering the sums involved in the takeover, business and legal advisors from both firms could potentially have performed due diligence through a secure online data room, which allows for the safe and controlled sale of assets.
Elsewhere, the resources group London Mining, alongside its US partner, has completed the purchase of two major Chinese assets in the form of Maanshan Xiaonanshan and Nanjing Sudan.
