Deals
Rio Tinto Scraps Plans to Raise Up to $5 Billion in Share Sale
Shares of Rio have gained 1.7% in London trading this year, giving the company a market value of about $105 billion.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Rio Tinto Group has scrapped plans to raise as much as $5 billion in a share sale following pushback from investors, people with knowledge of the matter said.
Executives at the mining giant had floated the possibility of an equity offering in recent investor meetings after announcing its results, the people said, asking not to be identified because the information is private. The fundraising could have been used to help pay for its $6.7 billion takeover of Arcadium Lithium Plc as well as rebalance its shareholding between UK and Australian investors.