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Rio Tinto suspends share trading after biggest investment deal in Australian and Chinese corporate h

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posted on Jun, 4 2009 @ 07:51 PM
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Rio Tinto suspends share trading after biggest investment deal in Australian and Chinese corporate history reportedly collapses.


That's the only info i have so so far 34min ago.

The info is from "Breaking News" on twitter.
twitter.com...


Just came across this, not sure if related though


Rio Tinto shares suspended; miner to issue statement


Rio requested a suspension in trading of its shares on the Australian Stock Exchange Thursday. The miner's American Depositary Receipts traded on the New York Stock Exchange were suspended Wednesday. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.



[edit on 4/6/2009 by wycky]




posted on Jun, 4 2009 @ 07:56 PM
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reply to post by wycky
 


Supsending trading is a concern for such a giant in the Australian Market,
I hope this deal collapse wont be the start of a bigger collapse.
They are an important blue chip.



posted on Jun, 4 2009 @ 10:07 PM
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reply to post by zazzafrazz
 


Hi zazzafrazz. The headline was kind of confusing. It was actually a trading 'halt' requested by the company...as opposed to a "suspension" at the biding of the regulatory authorities. Trading "halts" are temporary (typically 30 - 60 minutes) , and not uncommon , particularly in the mining industry. Companies request a halt when they have exceptional news to release - news that may cause extreme price movement/volume/volatility/order imbalance. Market reaction could be positive , could be negative...depends on the quality of the news. Notification of a "trading halt" gives a heads-up to the investment community...provides the company an opportunity to release the news , and , the market time to digest it.

In the case of Rio , the news has been released , and trading resumed...UP...apparently , for the moment anyways , the market likes it. Unndoubtedly China will take this personally....shades of China - Unocal 2005.


GL



Rio Tinto walks away from Chinalco deal

MINING company Rio Tinto has walked away from what would have been the biggest deal in Australian corporate history, its $US19.5 billion ($24.4 billion) alliance with Chinese resources giant Chinalco....

Shares in Rio Tinto have gained nearly 13 per cent to $74.11 after the collapse of the deal.

Full Text



Related:

Rio Tinto-Chinalco $19.5B deal foiled

Rio Tinto announced share trading halt



posted on Jun, 5 2009 @ 01:25 AM
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reply to post by OBE1
 


well China is not gonna be to happy about that



posted on Jun, 5 2009 @ 02:17 AM
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There will be some political blood spilt over this.
China will not be happy.



posted on Jun, 5 2009 @ 03:11 AM
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good i did not want the Chinese running a mine just south of where i live.

Rio Tinto Borax operates California’s largest open pit mine in Boron, California - one of the richest borate deposits on the planet. The company supplies nearly half the world’s demand for refined borates, minerals essential to life and modern living

seekingalpha.com...
www.riotintominerals.com...




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