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Rio sells American food packaging assets for $1.2 billion

Posted on Monday, July 6th, 2009 and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

SYDNEY (Reuters) – Global miner Rio Tinto (RIO.AX) (RIO.L) further improved its cash position on Monday by agreeing to sell its Americas food packaging business for $1.2 billion, and analysts said they expected more asset sales to follow soon. Rio Tinto, which only last week raised $15.2 billion in one of the world's largest-ever rights issues, will sell the assets to U.S.-based Bemis Co Inc (BMS.N) for $1 billion in cash, with the rest potentially paid in the form of Bemis shares. The deal moves Rio Tinto closer to the day when it can draw a line under its…

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