Chinese Buy Rio Tinto’s Share in Extract Resources

Mar. 20, 2012 01:33PM PST

Reuters reported Rio Tinto (NYSE:RIO,ASX:RIO) has accepted an offer from China Guangdong Nuclear Power for its stake in Extract Resources (TSX:EXT,ASX:EXT).

As quoted in the market news:

Monday’s move had been expected after Rio accepted CGNPC’s bid for its separately held stake in Extract’s 42 percent shareholder, Kalahari Minerals, in January.
Australian-listed Extract’s board backed the $2.4 billion Chinese offer earlier this month.

Click here to read the full Reuters report.