Rio sells packaging arm
Global miner Rio Tinto agreed to sell its Alcan packaging unit for about $2bn to Australia’s Amcor, easing its debt burden after an ill-timed acquisition two years ago. Amcor said the deal will make it a leading global player in key packaging markets. The deal is a key part of Rio’s efforts to pay down $38bn in debt. Two years ago, the world’s second-largest miner targeted $15bn in asset sales to help cut debt after buying the Alcan aluminium business at the top of the market.