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Alcoa and Chinese Rival Buy 12% Stake in Rio Tinto - New York Times - 0 views

www.nytimes.com/...02mines.html

chinese ALCOA YADKIN GOINGOUT

shared by Yadkin River on 19 Dec 11 - No Cached
  • SHANGHAI — The state-owned giant Aluminum Corporation of China and the Aluminum Corporation of America stunned analysts and investors Friday by buying a minority stake in Rio Tinto, the world’s third largest mining company.
  • “The Chinese are probably the best capitalists that communism will ever have given birth to,” said Michelle Applebaum, head of an independent steel equity research firm in Chicago.
  • Last year, China’s state-controlled sovereign wealth fund — another increasingly visible and controversial measure of the new wealth of the nation — invested in the private equity firm Blackstone. Later, it paid about $5 billion to buy a small stake in Morgan Stanley.
  • ...6 more annotations...
  • Now, China appears to be making another bold play to capture the natural resources it needs to fuel its fast-growing economy.
  • Most of the $14 billion came from Chinalco, which is ultimately controlled by the government in Beijing. Alcoa, which is based in Pittsburgh, contributed only about $1.2 billion to purchase the Rio stake.
  • "We believe that the Chinese recognize that control will likely be elusive — if not impossible — and that ownership of its raw material resources is key to the future.”
  • The statement, analysts say, was a hint that the two could team up with other companies or entities, possibly from China, to bid for all of Rio and wage a tough takeover battle with BHP, driving up the price of Rio shares.
  • partly because of suspicions that the Chinese government could be behind the deal.
  • Neither Chinalco nor Alcoa have the cash or stock to make a $150 billion bid, analysts say. Shares of Alcoa are worth about $30 billion and Chinalco shares in China are worth about $50 billion.
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Secret Cable: China Said To Coordinate Google Attack : NPR - 0 views

www.npr.org/...id-to-coordinate-google-attack

ALCOA infrastructure chinese power spy yadkin china hydro

shared by Yadkin River on 22 Dec 11 - No Cached
  • Google reported in January 2010 that its computer infrastructure in China had been hit by a "highly sophisticated" attack that resulted in the theft of company secrets. Google also said it had evidence that a goal of the attackers was to gain access to the Gmail accounts of Chinese human-rights activists.
  • At the time, the company did not blame the Chinese government for the intrusion. But shortly thereafter, a U.S. diplomat in Beijing confidentially cabled Washington that "a well placed contact" was claiming the Google attack had been "coordinated" by the Chinese government "at the Politburo Standing Committee level."
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Foreign investment in U.S. infrastructure causes security concerns | Homeland Security ... - 0 views

www.homelandsecuritynewswire.com/cture-causes-security-concerns

ALCOA ownership infrastructure homeland

shared by Yadkin River on 21 Dec 11 - No Cached
  • the interest of foreign companies in buying U.S. critical infrastructure assets; that interest is now growing again, and the Obama administration is grappling with how to balance the promotion of commerce with the bolstering of security
  • The issue is coming back to the fore as foreign investors once again try to buy American industrial assets. The Obama administration has thus been forced to grapple with how to protect national security while promoting economic recovery.
  • The New York Times’s Eric Lipton wrote last month that in early December, the administration had threatened to block the proposed takeover by the Chinese government of a tiny Nevada gold mining company, according to executives for the company,
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  • Foreign investments in the U.S. are critical to economic growth and job creation here at home, but we have an obligation to prioritize national security,” the deputy Treasury secretary, Neal Wolin, said in a statement released in mid-December, in response to questions about the scrutiny of proposed deals.
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