Rio Tinto Receives Canada Act Approval For Alcan Acquisition

SYDNEY -(Dow Jones)- Canadian Industry Minister Jim Prentice has approved Rio Tinto Ltd.'s (RTP) proposed acquisition of Alcan (AL.T), Rio Tinto said Thursday.

Rio said that to secure the approval it has undertaken to establish a global headquarters for Rio Tinto Alcan in Montreal and will ensure that a majority of Canada-based senior managers are Canadian.

Rio Tinto has also made capital expenditure commitments on projects such as the AP50 pilot plant in Quebec and Kitimat modernization in British Columbia, the company said.

In addition to the chief executive of Rio Tinto Alcan, Dick Evans, Rio Tinto will appoint two of the Canadian non-executive directors of Alcan to its Board. Rio Tinto will also make contributions to certain Canadian communities, it said.