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

Option update 2-4-08: Rio Tinto volatility elevated into Feb. 6 BHP bid deadline originally appeared on BloggingStocks on Mon, 04 Feb 2008 10:20:00 EST. Please see our terms for use of feeds.