Rio Tinto is a multinational mining and resources group founded originally in 1873. The group is one of the world's largest mining companies, with a pre-tax profit of approximately 10.2 billion US dollars in 2006 on consolidated turnover of 25.4 billion USD.
Recently it has agreed to buy Canadian aluminium company Alcan Inc. for $38.1 billion, in a move that creates the world's biggest aluminium company. Rio will pay $101 per common share. Rio's bid had been unanimously recommended by Alcan's board, but remains subject to shareholder and regulator approval. Alcan's Chief Executive Dick Evans would lead the new division which would be renamed Rio Tinto Alcan and its headquarters situated in Montreal.
Since 1995, Rio Tinto has been a dual listed company. Rio Tinto Limited, formerly known as CRA, is listed on the Australian Stock Exchange, with Rio Tinto plc (formerly RTZ) listed on the London Stock Exchange as well as New York Stock Exchange (under ticker RTP). The two companies are managed as a single economic unit by a unified board, with a share in either company entitling the owner to the same voting rights and dividend payouts. RTZ shareholders made up 76.7% of the new unified entity, which is primarily managed from London.