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Posted AT 5:23 AM EST on 01/02/08

Alcoa, Chinese partner to buy 12% of Rio Tinto

Reuters

LONDON AND BEIJING — China's biggest aluminum producer teamed up with U.S. group Alcoa to buy a 12 per cent stake in Rio Tinto on Friday, threatening miner BHP Billiton's efforts to win Rio. Aluminum Corp. of China's (Chinalco) $14-billion (U.S.) move comes days before a regulatory deadline next Wednesday for BHP to make a firm offer for Rio or to walk away.

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