Packaging sale

Rio Tinto may continue the selling its assets in order to reduce its debt levels.

In a sign that Rio Tinto is looking to continue the selling of its assets in order to reduce its debt levels, the miner is reportedly in talks to sell part of its packaging business.

Terms of the deal were not disclosed, but US-based flexible packaging company Bemis confirmed that talks between the two companies were “confidential and ongoing.”

News of the potential sale drove Rio shares by as much as 4.2% to $63.90, the company’s highest price since November lat year when BHP Billiton dropped its unsolicited US$66 billion takeover bid.

Rio Tinto has been trying to reduce debt since its bought Canadian aluminium producer Alcan for US$38.1 billion in 2007.

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