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Rio Tinto advance $ 10 billion buyback
MINING major Rio Tinto will push ahead with a share buyback, with the first tranche said to be worth up to $US9.2 billion ($10.2bn). Shareholders at the miner’s 2010 annual general meeting in May had approved the buyback of up to all of the Rio Tinto Ltd
ordinary shares held by Rio Tinto Plc through its wholly owned
subsidiary Tinto Holdings Australia, the company said in a statement to
the Australian Securities Exchange yesterday.
“This is expected to occur in two tranches,” Rio Tinto said.
The first tranche of shares worth $US9.2bn would be undertaken this
month, with the remainder due to be bought back later in the year.
The miner, which last week delivered a record underlying first-half
profit of $US5.77bn on rising iron ore prices, said it would only
proceed with the buybacks “if it remains satisfied that to do so is in
the best interests of shareholders”.
“The price for each share to be bought back will be not greater than the
average market price . . . of Rio Tinto Ltd ordinary shares calculated
over the last five days on which sales were recorded on the ASX before
the day on which the shares are to be purchased,” Rio said.
The Rio Tinto group is dual-listed, combining Rio Tinto Plc, a
London-listed public company headquartered in Britain, and Rio Tinto,
which is listed on the AS
Source: The Australian
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