Chinalco takes over Baotou in state asset transfer

SHANGHAI, Jan 5 - Aluminum Corp. of China, or Chinalco, the country's largest aluminium maker, has taken an 80 percent stake in Baotou Aluminium (Group) Co. in a government-arranged asset transfer.

A statement on Friday by Baotou's listed subsidiary said the parent had recently completed a transfer deal that had been signed in 2003. The deal provided for Chinalco, the parent of Aluminum Corp. of China Ltd. (Chalco), to become majority owner of the state-owned Baotou group.

Baotou Aluminium (Group) Co. has a 55 percent stake in Shanghai-listed Baotou Aluminium Co. .

Two of Chalco's subsidiaries said last week that their parent planned to purchase Baotou Aluminium Co. and two other smelters to boost its aluminium capacity.