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Article: Rio Tinto asks British regulator to set deadline for BHP Billiton to declare takeover bid
- Article from:
- AP Worldstream
- Article date:
- December 11, 2007
- Author:
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Mining giant Rio Tinto PLC asked Britain's takeover regulator Tuesday to invoke its so-called "put up or shut up" rules and force rival BHP Billiton Ltd. to either formalize its multibillion dollar proposal or back off.
Rio Tinto, which is based in London but is also listed in Australia, said it had asked Britain's Takeover Panel to set a deadline forcing BHP Billiton to formalize a 3-for-1 share proposal it put forward last month.
"Such a ruling, if made, would set a deadline by which BHP Billiton must, unless the Takeover Panel Executive consents otherwise, either announce a firm intention to make an offer ... or announce that it does not intend to make an ...