Australian mining behemoth Rio Tinto has completed the divestment of 61 percent of Canada-based Alcan Engineered Products (AEP) to certain investment funds affiliated with Apollo Global Management, LLC (Apollo) and Fonds Stratégique d'Investissement (FSI). The 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, with FSI holding 10 percent and Rio Tinto holding 39 percent.
Guy Elliott, chief financial officer of Rio Tinto, said, "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 US$11 billion."
Rio Tinto maintains its ownership of US-based cable producer Alcan Cable.