Rio Tinto announced on Friday that it would raise $15.2bn from a rights issue and share prized assets with rival BHP Billiton after Chinalco abandoned its controversial investment in the Australian miner.
The state-backed aluminium company had planned to put $19.5bn into Rio but it walked away from what would have been China's biggest foreign investment amid intense anger from investors in the UK and Australia and political pressure in Australia.
The two sides failed to renegotiate the terms of a $7.2bn convertible bond that was a key part of the proposed deal, which looked increasingly generous to Chinalco as commodity prices and Rio's share price rose.
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