Rio Nominee Quits Over Chinalco Talks

知情人士说，矿业巨头力拓股份有限公司(Rio Tinto PLC)候任董事长周一辞职，而没有支持用“中国方案”来解决公司390亿美元的债务，凸显出这家英澳合资公司董事中间的分歧。现年63岁的Jim Leng在一份声明中说，由于在公司应该进行的选择上有不同意见，他决定辞职。他希望自己的辞职能有助于董事会达成一致的决议。声明没有透露细节。不过知情人士说，Leng在对用“中国方案”解决公司巨额债务的做法有所警惕之后，他决定辞职。上周，力拓承认与中国铝业公司(Chinalco)进行谈判，内容包括可能出售旗下部分矿业公司的少数股份，以及在可转换债券上的投资。一年前，中国铝业已经与美国铝业公司(Alcoa Inc.)联手斥资140亿美元，收购了力拓9%的股份。Jim Leng知情人士说，力拓的部分其他董事认为与中国的潜在交易有积极作用，而Leng等人则认为这可能会对公司的长期选择带来战略上的影响和可能的限制。力拓发言人说，Leng从董事会辞职很“突然”，不过她拒绝透露更多细节。她还说，她并不知道公司首席执行长艾博年(Tom Albanese)和Leng之间存在分歧。知情人士拒绝进一步谈论Leng的忧虑，只是说他更倾向于用“金融手段解决金融问题”。不过分析人士表示，与国家控制的中国铝业“联姻”将使对任何新的并购交易的监管更加严格，可能会影响运营控制降低部分资产的现金流，当然这要取决于交易的构建方式。Evolution Securities分析师科诺特(Charles Kernot)在一份客户报告中说，有人认为出售集团旗下高增长资产的大量股份，会削弱集团对股票投资者的吸引力，这些人可能会反对达成交易。力拓在澳洲证券交易所交易的股票涨5.7%，收于每股49.40澳元；伦敦证券交易所股价跌37便士，收于每股1,920便士。一些投资者认为，Leng的辞职表明，有关与中国铝业或其他合作伙伴进行交易的反对声在不断减弱。在力拓想方设法应对巨额债务和金属价格全线急剧下滑之际，Leng的辞职凸显出公司面临的艰难抉择。力拓还承认正在考虑通过发行股票和出售资产筹资。发行股票的想法给股价造成了重压。知情人士说，力拓也在考虑向日本三井物产(Mitsui & Co.)出售资产的可能。苏格兰皇家银行(Royal Bank of Scotland)分析师哈夫(Tim Huff)在一份报告中指出，与中国铝业的交易应该会在短期内减轻股价的压力，而配股应该会保护力拓对关键资产的所有权。科诺特说，出售集团资产的大量股份会影响力拓的现金流，限制实现增长的各类选择，破坏集团对股票投资者的吸引力。今年1月14日，力拓任命Leng担任公司董事。他计划于4月20日出任董事长。现任董事长64岁的斯金纳(Paul Skinner)已经同意继续任职到2009年年中。Leng曾任英荷合资钢铁企业Corus的董事长。2006年公司被印度Tata Steel Ltd.收购后，他加入了Tata，现任公司副董事长。2007年10月，力拓收购加拿大铝业公司阿尔坎铝业有限公司(Alcan)，并因此负债400亿美元。这笔债务，加上从铜镍到锌等各类金融价格暴跌，这些因素都迫使力拓近几个月提出削减资本支出裁员出售资产和大范围的成本削减措施，以偿还债务。摩根士丹利(Morgan Stanley)分析师坎贝尔(Craig Campbell)说，到目前为止宣布的资产出售已经超出了预期，其中包括在巴西的两项资产出售──8.50亿美元的钾盐和7.50亿美元的Corumba铁矿石项目；力拓的做法可能会刺激竞争加剧。Jeffrey Sparshott / Elisabeth Behrmann相关阅读中铝谋求力拓资产 2009-02-03向中国求救 2009-02-03力拓与中国铝业商谈出售资产 2009-02-02复苏难期 力拓考虑继续减产 2009-01-16 本文涉及股票或公司document.write (truthmeter('2009年02月10日11:58', '601600.SH'));中国铝业股份有限公司（简称：中国铝业）英文名称：Aluminum Corp. of China Ltd.总部地点：中国大陆上市地点：上海证交所股票代码：601600document.write (truthmeter('2009年02月10日11:58', '2600.HK'));中国铝业股份有限公司英文名称：Aluminum Corp. of China Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：2600document.write (truthmeter('2009年02月10日11:58', 'ACH'));中国铝业股份有限公司英文名称：Aluminum Corp. of China Ltd. (ADS)总部地点：中国大陆上市地点：纽约证交所股票代码：ACHdocument.write (truthmeter('2009年02月10日11:58', 'RTP'));力拓股份有限公司英文名称：Rio Tinto PLC (ADS)总部地点：英国上市地点：纽约证交所股票代码：RTPdocument.write (truthmeter('2009年02月10日11:58', 'RIO.AU'));Rio Tinto Ltd.总部地点：澳大利亚(Australia)上市地点：澳大利亚证券交易所股票代码：RIOdocument.write (truthmeter('2009年02月10日11:58', 'RIO.LN'));力拓股份有限公司英文名称：Rio Tinto Plc总部地点：英国上市地点：伦敦股票代码：RIO


Rio Tinto PLC's chairman-to-be resigned Monday rather than support 'a Chinese solution' to the mining giant's massive US$39 billion debt load, according to people familiar with the matter, highlighting disagreements among the Anglo-Australian company's directors.Jim Leng, 63 years old, said in a statement that he resigned due to 'a difference of opinion over which option the company should pursue. I am hopeful that my resignation will enable the board to reach a consensual decision.' The statement didn't disclose details.But the people familiar with the situation said Mr. Leng decided to depart after he became wary of 'a Chinese solution' to the company's huge debt load. Last week, Rio Tinto acknowledged talks with Aluminum Corp. of China Ltd., known as Chinalco, over the possible sale of minority stakes in some of its mining operations and an investment in convertible instruments. Chinalco already jointly holds a 9% Rio Tinto stake with Alcoa Inc. of the U.S. as part of a US$14 billion purchase a year ago.Some of Rio Tinto's other board members view a potential deal with China positively, while Mr. Leng and others saw strategic implications and possible restraints on long-term options for the company, the people said.A spokeswoman for Rio Tinto said Mr. Leng's resignation from the board was 'sudden' but declined to give further details, adding that she had 'no knowledge' of a disagreement between Chief Executive Tom Albanese and Mr. Leng.The people familiar with the matter would not elaborate further on Mr. Leng's concerns, other than to note he preferred 'a financial solution to a financial problem.'But analysts have said a tie-up with state-controlled Chinalco would increase scrutiny over any new tie-up, and could reduce operational control and cash flow from some assets, depending on how a deal is structured.Those who may oppose a deal 'will be those who believe that selling off significant stakes in the group's high-growth assets destroys the attractions of the group to equity investors,' Evolution Securities analyst Charles Kernot said in a note to clients.The company's Sydney traded shares jumped 5.7% to finish at 49.40 Australian dollars, while its London-traded shares were 37 pence lower at 1,920 pence.Some investors saw the departure as a sign of ebbing opposition to doing a deal with Chinalco or another partner.Mr. Leng's departure highlights the tough choices Rio Tinto faces as it looks for ways to deal with its hefty debt and a sharp drop in prices for a wide range of metals. Rio also has acknowledged it is considering raising funds by issuing shares -- a prospect that has pressured its share price -- as well as selling assets. People familiar with the matter have said Rio Tinto is also considering a possible asset sale to Japan's Mitsui & Co.'A deal with Chinalco should take some of the near-term pressure off the stock, but a rights issue should protect Rio's ownership of the key assets,' Royal Bank of Scotland analyst Tim Huff said in a note.Mr. Kernot said selling off significant stakes in the group's assets would impair Rio's cash flow, limit growth options and 'destroy the attractions of the group to equity investors.'Rio Tinto named Mr. Leng to the company's board Jan. 14. He was scheduled to take over as chairman April 20. Chairman Paul Skinner, 64, has agreed to stay on in his position until mid-2009.Mr. Leng, who is deputy chairman of Tata Steel Ltd. of India, joined the Indian company in 2006 when it acquired Anglo-Dutch steelmaker Corus, where he had been chairman.Rio took on $40 billion in debt to fund the purchase of Canadian aluminum company Alcan in October 2007. That debt load, coupled with a sharp drop in prices for metals ranging from copper to nickel to zinc, has forced Rio Tinto in recent months to propose capital expenditure cuts, layoffs, asset sales and broad cost-cutting measures to pay off its obligations.Asset sales announced so far -- including two projects in Brazil: a potash project for US$850 million and the Corumba iron ore project for US$750 million -- have exceeded expectations, and Rio could get 'competitive tension going,' said Morgan Stanley analyst Craig Campbell.Jeffrey Sparshott / Elisabeth Behrmann