The mining firm Rio Tinto, based in the United Kingdom, has completed its divestment of 61 percent of Alcan Engineered Products (AEP), Montreal, to certain investment funds affiliated with Apollo Global Management LLC, based in New York City, and the Fonds Stratégique d'Investissement (FSI), based in Paris. Terms of the transaction were not disclosed.
Apollo is now the majority shareholder in AEP with a 51 percent stake in a new holding company for AEP; FSI holds 10 percent; and Rio Tinto holds a 39 percent stake.
Guy Elliott, Rio Tinto CFO, says, "The closing of our majority divestment in AEP marks Rio Tinto's exit of substantially all downstream businesses. Since 2008, we have completed divestments in excess of $11 billion."
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