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China-U.S. takeover of Rio Tinto boosts London shares
Posted on Feb-02-2008· by china investor
LONDON, Feb. 1 (Xinhua) — China’s Chinalco’s joint takeover activity with U.S. giant Alcoa for 12 percent share of Rio Tinto, an Anglo-Australian miner on Monday boosted the market.
The FTSE 100 index rose up 149.4 points or 2.5 percent to 6,029.2.
Rio Tinto was the big riser, adding 13 percent. But British Airways had a bumpier ride, down 4.6 percent, on worries that high fuel costs could weigh on future profits.
Life and pensions company Friends Provident got hit again after Thursday’s announcement of radical plans to overhaul its business which include taking a charge that virtually wipes out its profits for 2007.
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