Rio Tinto shelving plans to sell up to $5B in stock, Bloomberg says

Rio Tinto (RIO), which had floated the possibility of an equity offering in recent investor meetings, has decided to shelve the idea after getting significant pushback from investors, especially as the company didn’t think the offering was a necessity, according to Bloomberg, citing sources. A fundraising of up to $5B in shares could have been used to help pay for the company’s recent purchase of Arcadium Lithium, but Rio has instead opted to fund the acquisition by drawing on an existing loan facility, which it plans to replace with long-term debt, the report said.