CC, links take lead on Rio-Chinalco deal

Clifford Chance and ­Linklaters have taken lead roles on the Chinese government’s $19.5bn (£13.66bn) ­proposed cash injection into mining group Rio Tinto.

Rio Tinto, advised by Linklaters, raised the money by selling stakes in its mines and issuing convertible bonds to state-owned Chinese group Chinalco.

When the bonds are converted into shares, Chinalco, represented by Clifford Chance, will own 18 per cent of Rio Tinto. Clifford Chance corporate ­partners Kathy Honeywood and Nigel Wellings acted on the deal, supported by Beijing partner Rupert Li.

Linklaters was led by ­corporate partners James Inglis and Richard Godden.