Rio Tinto makes takeover offer for Alcan Skip to content

Rio Tinto makes takeover offer for Alcan

The English-Australian mining company Rio Tinto has made an ISK 2,300 billion (USD 38 billion, EUR 28 billion) takeover offer for the Canadian aluminum company Alcan, which operates a smelter near Hafnarfjördur in Iceland.

Rio Tinto, which is one of the largest and oldest mining companies in the world, has come under harsh criticism by Icelandic writer Andri Snaer Magnason, who has described the company as one of the world’s greatest polluters, Morgunbladid reports.

Rio Tinto aims to be at the forefront of environmentally friendly companies for, among other reasons, their use of hydroelectric power. Most of the energy the company uses for its mining operations is hydroelectric.

The company currently operates seven aluminum smelters in Britain, Australia and New Zealand, which will increase to 20 if Alcan’s shareholders accept the takeover offer.

Rio Tinto employs about 35,000 people worldwide. Its turnover last year was more than ISK 1,536 billion (USD 26 billion, EUR 19 billion) and its revenue last year was ISK 475 billion (USD 8 billion, EUR 6 billion).

Click here to read about Alcan rejecting a takeover offer from Alcoa.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article