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Rio Tinto has received a binding offer from funds affiliated with Apollo Global Management, L.P. and the Fonds Stratégique d’Investissement (FSI) to buy a 61 percent stake in Alcan Engineered Products, excluding the Cable Division.

Mining company Rio Tinto Ltd has finished the divestment of its Alcan Packaging business, after completing the sales of its Medical Flexibles and Beauty Packaging divisions. The Medical Flexibles division was sold to Amcor for $66 million, while Alcan Packaging was sold to Sun European Partners LLP for an undisclosed sum.

By Denny Thomas

Amcor said in a statement to the Australian Stock Exchange the discussions were incomplete. It did not give any further details of the talks.