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Article: Rio Tinto shares soar after BHP Billiton confirms takeover offer worth US$100 billion
- Article from:
- AP Worldstream
- Article date:
- November 9, 2007
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Shares in global miner Rio Tinto PLC soared Friday, matching a move in London a day after the world's largest miner BHP Billiton PLC confirmed it made a takeover offer that could be worth more than US$100 billion (68 billion).
Such a merger would be the world's largest since Vodafone AirTouch's US$172.2 billion (117 billion) takeover of German telco Mannesmann in a deal completed in 2000.
Rio Tinto rejected BHP Billiton's 3-for-1 share offer, but the share price gains indicate investors expect BHP Billiton to continue to pursue its rival or another bidder to emerge.
Rio Tinto shares rose as much as 22 percent in early trade on the Australian Securities Exchange. By ...