Australia’s Rudd administration has faced criticism<\/a> for allowing Chinese companies to invest heavily in Australian mining and natural resource interests, and today approved another Chinese investment bid. From the Australian<\/a>:<\/p>\n
\nWayne Swan<\/a> has given approval for the Chinese government-owned mining giant Chinalco<\/a> to acquire up to 11 per cent of the Rio Tinto group in the first high-profile test of the Rudd Government<\/a>‘s stance on more than $30 billion of Chinese foreign investment bids.<\/p>\n
The Treasurer’s foreign investment approval has the potential to complicate BHP Billiton<\/a>‘s hostile $170 billion takeover bid for Rio, the world’s third-largest mining group. Mr. Swan approved a previously undisclosed application by Chinalco – which is 100 per cent owned by the Chinese Government – to take up to 14.99 per cent of the London-listed Rio Tinto Plc<\/a>, equating to about 11per cent of the dual-listed company.<\/p>\n