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Chalco rises over 4 percent after Rio scraps tie-up

SHANGHAI
Thu Jun 4, 2009 9:50pm EDT

SHANGHAI (Reuters) - Aluminum Corporation of China Ltd's (Chalco) shares rose more than 4 percent in Shanghai on Friday after Rio Tinto scrapped its proposed $19.5 billion tie-up with the Chinese company's parent firm, Chinalco.

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The shares opened flat but swiftly moved to the upside during the early minutes of trade, climbing 4.2 percent to 12.9 yuan by 0138 GMT. The benchmark Shanghai Composite Index was up 0.6 percent.

Chalco's shares had surged 7.6 percent on Thursday.

Rio Tinto announced before the Shanghai market opened on Friday that it had abandoned the deal with Chinalco, which would have been China's biggest single offshore investment.

(Reporting by Edmund Klamann; Editing by Jacqueline Wong)
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