Rio Tinto Rises Further On BHP Bid Speculation

Even though Rio Tinto has turned down BHP Billiton’s initial takeover offer, the rally goes on.

Shares of Rio Tinto, the world’s No. 3 mining group, soared to a peak of 138.10 Australian dollars ($127.99), a gain of 21.8%, on Friday in Sydney before retreating to A$130.90 ($121.39), up 15.4%, or A$17.50 ($16.22), adding to the 22% surge in London Thursday.

Investors were feverishly speculating that BHP Billiton might soon sweeten its bid after Rio Tinto announced Thursday that it had unanimously rejected BHP’s all-share offer, which it said significantly undervalued the company.

Read Full Article from Forbes

- Posted: 2007-11-09 10:31:49

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