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Rio deals continue
US firm Sullivan & Cromwell has completed its first UK corporate deal for Rio Tinto.
The New Lawyer
US firm Sullivan & Cromwell has completed its first UK corporate deal for Rio Tinto, acting opposite Baker & McKenzie on the US$1.2 ($1.5) billion disposal of Rio's Alcan Food Americas division to US packaging company Bemis.
The firm was instructed by Rio last year, Legal Week reports, following a beauty parade. It fielded a team from London and New York.
The deal comes little more than a month after Rio announced a US$15.2 ($19.3) billion rights issue and joint venture with one-time merger partner BHP Billiton, as well as the collapse of a US$19.5 ($24.8) deal with Chinese resource giant Chinalco.
Bemis, meanwhile, turned to Baker & McKenzie for advice on the acquisition, in which it picked up about 23 of Alcan's packaging operations across the Americas. Rio bought aluminium group Alcan in 2007 for $34bn (£21bn) but agreed to sell off some of its assets to pay off debt.
