AAP General News (Australia)
08-23-2000
Fed: Minchin applauds Rio s aquisition of North
The federal government says Rio Tinto's acquisition of fellow iron ore producer North
Limited is a win-win situation for the Australian industry and its Japanese partners.
Resources Minister NICK MINCHIN says the cooperation between the two companies would
lead to lower costs for iron ore producers and consumers.
He says Australia and Japan are long-standing partners in the Australian iron ore industry
and this partnership is good for both nations.
Rio Tinto moved to take majority ownership of the diversified miner earlier this month.
It triumphed with its $3.5 billion offer after a bitter fight for control with rival
Anglo American and the Japanese steel mills.
It has since leap-frogged its way to stand on the threshold of 90 per cent ownership,
which is the trigger to move to compulsory acquisition of North's remaining shares.
AAP RTV jb/daw/jn
KEYWORD: NORTH MINCHIN (CANBERRA)
2000 AAP Information Services Pty Limited (AAP) or its Licensors.
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