Rio steps up deleveraging pace

Rio Tinto continued its deleveraging process on Monday when it agreed to sell its Americas food packaging business for $1.2bn. The divestment comes after the Anglo-Australian miner completed its $15.2bn rights issue at the end of last week, ending speculation about how it would repay its $7.15bn term loan ‘A’ due in October and its $8.1bn ‘B’ tranche maturing a year later.