Alcoa said last Friday it expects its joint shareholding in Rio Tinto to be transferred promptly and smoothly from a custodial account with Lehman Brothers International Europe in London to a custodial account with another nominee unaffiliated with Lehman Brothers.
Alcoa said it is working closely with administrators of Lehman Brothers International Europe and with Chinalco, its close and long-term business partner, to achieve the transfer.
Alcoa and Chinalco hold the shares jointly through a special purpose vehicle named Shining Prospect, which is the custodial account holder.
The shares in Rio Tinto are held by Shining Prospect in a separate designated account pursuant to a custody arrangement. No one disputes the ownership of the shares as being Chinalco and Alcoa’s. The process involves working with the administrators to transfer the shares, representing 12 percent of the outstanding shares of Rio Tinto plc, into a new custodial account.
Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry.
(China.org.cn October 20, 2008)
