Post by Catdaddy on Nov 8, 2007 12:01:27 GMT -5
NEWSMAKER-Rio dealmaker Albanese finds himself hunted by BHP
Thu Nov 8, 2007 11:02am EST
By Dan Lalor and Mike Elliott
LONDON, Nov 8 (Reuters) - Rio Tinto Chief Executive Tom Albanese has cemented his reputation as a dealmaker since taking over on May 1, but in a reversal of fortunes the hunter now finds himself the one being hunted.
BHP Billiton (BLT.L: Quote, Profile, Research) (BHP.AX: Quote, Profile, Research) made a long-awaited bid approach to Rio Tinto (RIO.L: Quote, Profile, Research) (RIO.AX: Quote, Profile, Research) in a move aimed at creating a $350 billion-plus mining giant -- but Rio rejected the all-share proposal on Thursday as too low.
For Rio's Albanese, a U.S. citizen who grew up in New Jersey, it means the boot is on the other foot.
Earlier this year, he underlined his dealmaking prowess when Rio unveiled an agreed $38 billion takeover of Canada's Alcan Inc (AL.TO: Quote, Profile, Research) (AL.N: Quote, Profile, Research) to create the world's biggest aluminium producer.
Announcing Albanese's appointment as CEO last December, Chairman Paul Skinner said: "Tom has been a key player in a number of major Rio Tinto developments over recent years and also in shaping the group's strategic direction," a comment seemingly backed up by his $3.4 million pay package in 2006.
Albanese, 50, joined Rio's board in March 2006 and became Director, Group Resources in July. He succeeded Leigh Clifford as Rio's CEO on May 1.
Now London-based, Albanese graduated in mineral economics and mining engineering from the University of Alaska.
Working his way up through the mining industry, Albanese was chief operating officer of Nerco minerals when it was acquired by Rio in 1993. Rio quickly put him in charge of a gold, silver, zinc and lead mine in Alaska.
More recently, Albanese was involved in developing Rio's joint venture exploration agreement with Norilsk Nickel in Russia, and its investments in La Granja in Peru and Ivanhoe Mining's Oyu Tolgoi copper project in Mongolia.
He first moved to London in 1995 as group exploration executive. Three years later he became vice president of Kennecott Utah Copper at the Bingham Canyon copper mine, Salt Lake City. When Rio bought a majority holding in North Ltd in Australia in 2000 Albanese transferred to Melbourne as its managing director.
He was appointed CEO of Rio's Industrial Minerals group based in London, with responsibility for the group's borates, talc and titanium dioxide operations, before becoming CEO, Copper and Exploration, in 2004.
Perhaps it was during his studies that Albanese first came across Britain's network of canals, used to shift raw materials and finished goods around the nation during the Industrial Revolution.
Be that as it may, in his leisure time Albanese tours in his own canal narrow boat -- a precursor to the behemoths that shift coal and iron ore across the oceans today. (Editing by Quentin Bryar)
Thu Nov 8, 2007 11:02am EST
By Dan Lalor and Mike Elliott
LONDON, Nov 8 (Reuters) - Rio Tinto Chief Executive Tom Albanese has cemented his reputation as a dealmaker since taking over on May 1, but in a reversal of fortunes the hunter now finds himself the one being hunted.
BHP Billiton (BLT.L: Quote, Profile, Research) (BHP.AX: Quote, Profile, Research) made a long-awaited bid approach to Rio Tinto (RIO.L: Quote, Profile, Research) (RIO.AX: Quote, Profile, Research) in a move aimed at creating a $350 billion-plus mining giant -- but Rio rejected the all-share proposal on Thursday as too low.
For Rio's Albanese, a U.S. citizen who grew up in New Jersey, it means the boot is on the other foot.
Earlier this year, he underlined his dealmaking prowess when Rio unveiled an agreed $38 billion takeover of Canada's Alcan Inc (AL.TO: Quote, Profile, Research) (AL.N: Quote, Profile, Research) to create the world's biggest aluminium producer.
Announcing Albanese's appointment as CEO last December, Chairman Paul Skinner said: "Tom has been a key player in a number of major Rio Tinto developments over recent years and also in shaping the group's strategic direction," a comment seemingly backed up by his $3.4 million pay package in 2006.
Albanese, 50, joined Rio's board in March 2006 and became Director, Group Resources in July. He succeeded Leigh Clifford as Rio's CEO on May 1.
Now London-based, Albanese graduated in mineral economics and mining engineering from the University of Alaska.
Working his way up through the mining industry, Albanese was chief operating officer of Nerco minerals when it was acquired by Rio in 1993. Rio quickly put him in charge of a gold, silver, zinc and lead mine in Alaska.
More recently, Albanese was involved in developing Rio's joint venture exploration agreement with Norilsk Nickel in Russia, and its investments in La Granja in Peru and Ivanhoe Mining's Oyu Tolgoi copper project in Mongolia.
He first moved to London in 1995 as group exploration executive. Three years later he became vice president of Kennecott Utah Copper at the Bingham Canyon copper mine, Salt Lake City. When Rio bought a majority holding in North Ltd in Australia in 2000 Albanese transferred to Melbourne as its managing director.
He was appointed CEO of Rio's Industrial Minerals group based in London, with responsibility for the group's borates, talc and titanium dioxide operations, before becoming CEO, Copper and Exploration, in 2004.
Perhaps it was during his studies that Albanese first came across Britain's network of canals, used to shift raw materials and finished goods around the nation during the Industrial Revolution.
Be that as it may, in his leisure time Albanese tours in his own canal narrow boat -- a precursor to the behemoths that shift coal and iron ore across the oceans today. (Editing by Quentin Bryar)
