After nearly two years trying to offload its Alcan Packaging businesses, mining giant Rio Tinto has all but succeeded with an offer from Amcor Ltd for most of the division's assets.
Amcor will pay $US2.025 billion ($A2.47 billion) for key divisions of Alcan Packaging, Rio Tinto said in a statement on Tuesday.
Rio Tinto chief financial officer Guy Elliott said the miner believed "Amcor's offer is in the interests of all stakeholders".
If the sale is approved, Amcor will take over Alcan Packaging's Global Tobacco, Food Europe and Food Asia, and its Global Pharmaceuticals divisions leaving Rio with only Alcan Packaging's Beauty division on its hands.
Rio Tinto has been trying to sell the Packaging businesses since it bought them as part of its purchase of Canadian Alcan for $US38 billion ($A46.27 billion) near the height of the commodity boom in October 2007.
The Alcan deal left Rio Tinto saddled with debt going into the financial crisis, and the miner's debt totalled $US37.9 billion ($A46.15 billion) at March 31, 2009.
Rio Tinto has raised capital to boost its balance sheet and sold off assets including recently Alcan Packaging's Food America's division for $US1.2 billion ($A1.46 billion) to Bemis Company Inc.
"We have already agreed to asset sales of $US6.6 billion ($A8.04 billion) over the last 18 months, despite the challenging financial markets," Mr Elliott said in a statement.
The divisions of Alcan Packaging that would be sold to Amcor employ about 14,000 staff at 80 locations in 28 countries.
The sale is dependent on approvals from European and United States regulators.
The purchase price also is subject to adjustments based on the financial performance of Alcan Packaging and the value at closing of some transferred liabilities.
BT Investment Management resources analyst Tim Barker said rumours about the deal had been circling for a long time.
"I am sure they (Rio Tinto) will be glad to see the back of it," Mr Barker said.
"In a sense they had their backs to the wall a little bit as there weren't that many people that interested in acquiring the assets."
Rio Tinto's shares ended the day down 20 cents, or 0.35 per cent, at $56.90.
