Rio Tinto (NYSE: RTP), an international mining company, rejected a buyout proposal from BHP Billiton (NYSE: BHP), the world's largest mining company on November 6. BHP has until Feb. 6 to make a formal bid or walk away for at least six months, according to a U.K. takeover panel review.
Alcoa (NYSE: AA) and Aluminum Corp of China announced a 9% stake in RTP on February 1.
RTP overall option implied volatility of 64 is above its 26-week average of 53 according to Track Data, suggesting larger movement.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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