Australia's Rudd Says That Nation Is Open to Foreign Investment
- By James Dean
- Published 04/2/2008
Australian Prime Minister Kevin Rudd said his nation is open to foreign investment and won't get involved in the iron-ore market.
``We are a vast country and dependent on capital inflows,'' Rudd told reporters in Brussels today in response to a question about overseas interest in Australian miners. ``We are open to foreign investment.''
Aluminum Corp. of China, which jointly holds a 9 percent stake in Rio Tinto Group with Alcoa Inc., is in talks with its partner to consider raising the holding, Xiao Yaqing, chairman of the Beijing-based company known as Chinalco, said last month. A stake increase may
make it more difficult for BHP Billiton Ltd. to succeed in its $133 billion takeover offer for Rio, the world's third-largest mining company.
Rudd also said the Australian government wouldn't get involved in the spot market for iron ore beyond regulation.
``There is a place where governments have a proper place and that can be described as a regulation of the markets,'' he said.
Australia's Foreign Investment Review Board will assess foreign bids for Australian companies on their ``merits,'' Rudd said Feb. 18, a day after Treasurer Wayne Swan released new guidelines for overseas sovereign funds looking to invest in local assets.
``We are a vast country and dependent on capital inflows,'' Rudd told reporters in Brussels today in response to a question about overseas interest in Australian miners. ``We are open to foreign investment.''
Aluminum Corp. of China, which jointly holds a 9 percent stake in Rio Tinto Group with Alcoa Inc., is in talks with its partner to consider raising the holding, Xiao Yaqing, chairman of the Beijing-based company known as Chinalco, said last month. A stake increase may
Rudd also said the Australian government wouldn't get involved in the spot market for iron ore beyond regulation.
``There is a place where governments have a proper place and that can be described as a regulation of the markets,'' he said.
Australia's Foreign Investment Review Board will assess foreign bids for Australian companies on their ``merits,'' Rudd said Feb. 18, a day after Treasurer Wayne Swan released new guidelines for overseas sovereign funds looking to invest in local assets.
