Not rich coalition. Clinch too anti-Rio. The anagrams were always the best thing about Rio Tinto/Chinalco, the unloved asset swap officially junked yesterday. A distinctly superior construction will take its place.
Rio/BHP Billiton was the tie-up most shareholders always wanted. The logic of combining overlapping iron ore facilities in the Pilbara region of Western Australia was obvious to everyone – including the two sides' managements, which had often talked but always stumbled on control.
Now that Rio, the larger partner, has run out of options, it is finally giving it up. Analysts value the combined assets at between $100bn and $130bn.
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