BHP Billiton looks to buy mining giant Rio Tinto
Friday, 9 November 2007
LONDON, Nov 8 (AFP): BHP Billiton, the world's largest miner, said Thursday it had made a takeover proposal to its next biggest rival and fellow Anglo-Australian company Rio Tinto.
Rio Tinto said in a separate statement it had rejected an offer of three BHP shares for each of its own. BHP, undeterred, said it would "continue to seek an opportunity." Together the pair are worth US$230 billion (157 billion euros).
"BHP Billiton notes the recent speculation in relation to a potential offer for Rio Tinto at a premium," BHP said in a statement posted to the London Stock Exchange, where both companies are listed.
Rio Tinto said in a separate statement it had rejected an offer of three BHP shares for each of its own. BHP, undeterred, said it would "continue to seek an opportunity." Together the pair are worth US$230 billion (157 billion euros).
"BHP Billiton notes the recent speculation in relation to a potential offer for Rio Tinto at a premium," BHP said in a statement posted to the London Stock Exchange, where both companies are listed.