Chalco:Bid For Parent’s Aluminum Units Subject To Bd Approval

HONG KONG (Dow Jones)-Any bid by  Aluminum Corp. of China Ltd. (ACH) for its parent’s aluminum assets will be subject to board approval, Company Secretary Liu Qiang said Friday.   
Chalco’s parent, Aluminum Corp. of China, or Chinalco, said earlier this week it will sell its controlling stakes in six aluminum units for at least CNY4.17 billion (US$583 million).

Chinalco said bidders must be state-owned firms with registered capital of at least CNY10 billion and net assets of more than CNY50 billion.

A Chalco official, who declined to be named, had said Chalco will also join the bidding. The closing date for bids is May 13.