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Chinese companies mull Rio Tinto options: report
Hong Kong (AFP) Dec 24, 2007 China has sanctioned state-owned companies to examine three possible strategies to block BHP Billiton's proposed takeover of mining giant Rio Tinto, a report said Monday. Citing unnamed sources, the South China Morning Post reported strategies include forming a domestic consortium to bid for Rio Tinto, a joint bid by domestic and foreign firms, or purchasing Rio shares on the open market. "(Companies) have approval from the State Council to go ahead and get actively involved," one source was quoted as saying. China International Capital Corp (CICC) and Bank of China International have been retained by the government in an overall advisory role, the report said. Earlier this month, China's largest steel company Baosteel called on the Australian government to intervene and prevent BHP Billiton from taking over rival miner Rio Tinto. China fears a merger between BHP Billiton and Rio Tinto would lead to further sharp price increases in raw materials, particularly iron ore, which the country desperately needs to fuel its double-digit economic growth. Sources said Baosteel approached Japan's Nippon Steel and South Korea's Posco Steel about a consortium but nothing came of the effort. The Chinese company has previously denied that it planned to make a bid. The newspaper also said China's sovereign fund was expected to provide some financing for any mainland bid but would not lead a transaction out of fears of a political backlash. Rio Tinto last month rejected fellow miner Anglo-Australian BHP Billiton's 142-billion-dollar offer, saying it significantly undervalues the company. British authorities have set a deadline of February 6 for BHP Billiton, the world's biggest miner, to state whether it still intends to make an offer for Rio Tinto. Community Email This Article Comment On This Article Related Links Global Trade News
EU commissioner warns against buying 'cheap and tacky' toys
Berlin (AFP) Dec 22, 2007A top European official warned consumers against buying "cheap and tacky" toys this Christmas, and promised new measures next month to make playthings safer, in an interview appearing Sunday. |
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