Chinese unhappy at rejection

Aluminum Corp of China, the nation's largest aluminium producer, said it was "very disappointed" with the rejection of its proposed US$19.5 billion ($30.53 billion) investment in Rio Tinto Group.

"Our proposal presented an outstanding value-creating opportunity for all Rio Tinto shareholders and would have provided a strong platform for a long-term strategic partnership between the two companies." said Xiong Weiping, president of Chinalco.

The failed deal would have been the largest single foreign investment by a Chinese company.

"Rio has found ways to partly solve its financing problems, and doesn't need Chinalco as much as before," said Le Yukun, a Shanghai-based analyst at BOC International.

- BLOOMBERG