LONDON (ShareCast) - Mining giant Rio Tinto (LSE: RIO.L - news) has cut its debt pile with the sale to US packaging firm Bemis of the
US food packaging division of aluminium subsidiary Alcan (
AL.TO -
news) .
Bemis will pay a consideration of $1.2bn in cash and $200m in shares. Australian packaging Amcor (Frankfurt: 854559 - news) , meanwhile, has said it is interested in other parts of the Alcan food business with interest also coming from New Zealand.
Rio recently raised $15.2bn through a rights issue to slash its debts of $38.7bn. It had already earmarked the Alcan Packaging Food Americas division as a disposal candidate. Most of Rio's debt was taken on when it bought Alcan for $38bn at the end of 2007.
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