BHP Billiton courting Rio Tinto; Rio says no thanks |
| MarketWatch - Nov 8, 2007 |
Rio Tinto rebuffed a $110 billion approach on Thursday from top global miner BHP Billiton, spurning the initial overtures on a deal that would be the second-largest takeover of a listed company in history.
A deal between the two Anglo-Australian firms would create the world's largest mining company by a wide margin, with a market capitalization that some analysts are estimating could exceed $350 billion. The combined giant would command the market with vast amounts of iron ore, aluminum, copper and other metals.
Shares of London-headquartered Rio Tinto vaulted 25.4% to 5,453 pence in U.K. trading after the news, just off a high of 5,740 pence reached earlier in the session.
Read Full Article from MarketWatch
- Posted: 2007-11-08 09:45:40
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