LONDON (CP) — Rio Tinto says it needs more time to secure regulatory approvals for its US$38.1-billion takeover of aluminum manufacturer Alcan Inc.
The global miner is extending its offer for another month to Oct. 23 and says less than 0.2 per cent of Alcan shares have been tendered so far to the bid.
Rio Tinto needs at least two thirds of Alcan's shares tendered to its offer for the takeover to win approval.
The Anglo-Australian miner completed the first of two votes by its own shareholders on Friday, but it won't be known how that went until a second vote in Australia Sept. 28.
The United States has given its antitrust approval and Canada's Competition Bureau said it doesn't object to the merger.
But the deal still needs approvals from France, Industry Canada, the Australian Competition and Consumer Commission and Australia's Foreign Investment Review Board, among others.
