Rio Tinto rejects BHP again

Mining giant Rio Tinto continued to defend itself against an unsolicited offer from larger rival BHP Billiton on Thursday, saying it had greater potential as a standalone company.

In a letter to shareholders that was posted on the Australian Securities Exchange, Rio Chairman Paul Skinner said the company's outlook was "exceptional," spurred by rising demand for resources from developing countries.

"As you may be aware, BHP Billiton recently made an unsolicited approach to acquire Rio Tinto, which your board unanimously rejected as it significantly undervalued Rio Tinto and its prospects," Skinner said.

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- Posted: 2007-12-27 09:13:08

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