Chinalco Satellite Dish boss lives up to dealmaker reputation

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Chinalco Satellite Dish boss lives up to dealmaker reputation
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2011/11/23 10:57:03

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Chinalco Satellite Dish boss lives up to dealmaker reputation

Chinalco Satellite Dish boss lives up to dealmaker reputation

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Chinalco boss lives up to dealmaker reputationPublished: 12 Feb 2009 02:05:53 PST<p class="authorInfor"]</p]
HONG KONG, Feb 12 - Xiao Yaqing, president of Chinese aluminium giant Chinalco, has been called many things -- competitive, ambitious, ruthless -- even before his $19.5 billion gamble with miner Rio Tinto was revealed on Thursday.</p]
Xiao, 50, stands out in the tightly-controlled world of China's state-owned industries, where executives are expected to keep a low profile, star power is muted and salaries are low by western standards.</p]
Thursday's mega deal in which debt-laden Rio Tinto agreed to a $19.5 billion cash injection from Chinalco, is in character for Xiao, who has been vocal about his determination to find a place for Chinalco on the global stage.</p]
In China, Xiao and Chinalco are known for aggressively seeking acquisitions, both domestic and international.</p]
Xiao, who took control of Chinalco in 2004, "is the mastermind of the whole Rio deal", said a Hong Kong-based analyst, who declined to be named due to the sensitive nature of making personal comments about China's top executives.</p]
"I don't know if they will be a global mining giant, but they'll just be more international, and this will get them a seat at the table," said Larry Grace, analyst at Kim Eng Securities.</p]
This is Xiao's second bite at Rio Tinto, the world's second-largest iron-ore miner.</p]
Last year, he engineered Chinalco's purchase of 9 percent of Rio Tinto together with Alcoa Inc for $14 billion, after he made it clear Chinalco would morph from a one-trick pony into a diversified mining giant with overseas deals.</p]
"This is our first major overseas acquisition, but definitely not the last," Xiao told reporters last year.</p]
But Thursday's deal may be his swan song.</p]
Rumours abound that Xiao, like many executives at state-owned firms, is leaving China's largest aluminium and alumina producer for another government post.</p]
This week, Hong Kong-based newspaper Ming Pao Daily cited unnamed sources saying Xiao is set to serve as vice secretary general of China's cabinet, the State Council.</p]
On Monday, Chinalco confirmed reports that Xiao will step down as president, but listed arm Chalco -- where Xiao serves as chairman -- denied rumours there would be changes in its board and senior management.</p]
"PRAGMATIC AND SINCERE"</p]
Born in 1959, Xiao is among the first generation of Chinese business leaders to be educated after the upheaval of the Cultural Revolution.</p]
After graduation from Central South Institute of Mining and Metallurgy in Changsha, Hunan Province, he was assigned to Northeast Light Aluminium Co.</p]
Over the next 17 years, he rose through the ranks from engineer to general manager, before transferring to Southwest Aluminium Group as chairman and CEO.</p]
Xiao oversaw Southwest Aluminium's restructuring and integration into Chinalco. Four years later, in 2004, he became Chinalco's party boss, chairman and CEO, and the head of its listed arm, Chalco.</p]
"He is pragmatic and sincere," said the Hong Kong-based analyst. "He has been spending a long time in factories and knows a lot about the industry."</p]�ĩ`��åȥ�� 豸�� `�� F�� 쥸�å� �F�� F��