BHP Billiton (NYSE: BHP) says it has made an offer to buy rival Rio Tinto (NYSE: RTP).
Quoted by MarketWatch: "BHP Billiton now confirms that it recently wrote to the board of Rio Tinto outlining a proposal in relation to a potential combination with Rio Tinto on terms incorporating a premium, reflecting its confidence in the benefits for both sets of shareholders of such a transaction. In preparing its proposal, BHP Billiton has examined in detail the regulatory issues and other practicalities of a combination."
Word is that Rio Tinto has rejected the offer.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
11-08-2007 @ 10:19AM
Terry said...
Is this really going to happen? Rio just made a $40 billion deal with Alcan, so it seems unlikely the company would easily bend to BHP. Rio also has a pretty strong corporate network through its directors and executives, which probably helped seal the deal with Alcan (see visual: http://www.newsvisual.com/newsvisual/2007/08/relationships-v.html ) Anyone think that BHP will be successful with a second offer?