Rio Tinto Mulls $340M Imerys Offer For Talc Co.

Law360, New York (February 23, 2011, 4:40 PM EST) -- French minerals giant Imerys on Wednesday announced a binding offer of $340 million to Rio Tinto Ltd. for talc producer Luzenac Group, as the Australian mining giant continues its strategy of unloading smaller assets.

Rio Tinto and Imerys have entered into a period of exclusivity to explore the potential deal, the companies said.

Rio Tinto said the sale would come as part of a three-year-old divestment strategy, during which it has made 18 sales worth more than $11 billion.

"We acquired a number of companies that...
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