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Om Bak · 9th November 2007, 06:03

Thanks JB

BHP Billiton confirmed last night it had proposed the world's biggest mining merger with rival Rio Tinto Group, a proposal that Rio rejected.

Rio said in a separate statement that BHP's offer "significantly undervalues" it.

BHP, however, indicated it was not taking no for an answer, saying it was trying to arrange a meeting with Rio.

Rumours of a possible merger between the two mining giants had pushed Rio shares $1.18 higher to $113.40 in Australian trading in a falling market. In London last night news of BHP's proposal sent Rio shares up 28 per cent while BHP Billiton shares fell by 2 per cent.

A merger of BHP and Rio would create a mining giant worth about $406 billion, based on their market values before last night's developments.

BHP tilts at Rio, proposing merger of giants - Business - Business

Bloomberg.com: Worldwide

9th November 2007, 06:03	#52 (permalink)
Om Bak Om Bak is..... Regular User Join Date: Dec 2005 Location: On the Hong Nam Posts: 918 vCash: 500 Rep Power: 97	Re: Trader’s thread Thanks JB BHP Billiton confirmed last night it had proposed the world's biggest mining merger with rival Rio Tinto Group, a proposal that Rio rejected. Rio said in a separate statement that BHP's offer "significantly undervalues" it. BHP, however, indicated it was not taking no for an answer, saying it was trying to arrange a meeting with Rio. Rumours of a possible merger between the two mining giants had pushed Rio shares $1.18 higher to $113.40 in Australian trading in a falling market. In London last night news of BHP's proposal sent Rio shares up 28 per cent while BHP Billiton shares fell by 2 per cent. A merger of BHP and Rio would create a mining giant worth about $406 billion, based on their market values before last night's developments. BHP tilts at Rio, proposing merger of giants - Business - Business Bloomberg.com: Worldwide __________________ All advice is to be taken with a grain of salt, a dash of pepper and grilled with medium heat.