Mining giant Rio Tinto has formally accepted a $2bn (£1.3bn) offer by Australian firm Amcor for four units of its Alcan Packaging businesses.

Amcor is buying Alcan’s tobacco and drugs packaging units, and its European and Asian food packaging arms. The offer was made on 18 August and has been cleared by the European Commission.

Rio Tinto bought Alcan in 2007, but was forced into the sale in order to reduce its heavy debt burden. The deal still has to be cleared by US regulators before it can be finalised.