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Mining giant Rio Tinto's 2007 purchase of Alcan for $38.1 billion was the subject of a review in Tuesday's Wall Street Journal.
"The premium-priced deal came at a cyclical peak -- aluminum prices were at a 20-year high," the newspaper said. "That was before aluminum prices crashed as China produced more than expected and consumer demand for everything from cars to cans plummeted with the financial crisis."
Dick Evans, the former CEO of Alcan, was quoted as saying Rio Tinto's decision to acquire the aluminum company was one of the "worst decisions ever ... "
The results have been dramatic:
Reach George Hohmann at busin...@dailymail.com or 304-348-4836.