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Article: BHP Billiton launched formal bid for rival miner Rio Tinto
- Article from:
- AP Worldstream
- Article date:
- February 5, 2008
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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BHP Billiton Ltd. on Wednesday launched a formal bid for rival Rio Tinto Ltd. valued at US$173.6 billion (118.5 billion) _ the biggest ever mining takeover offer.
BHP is offering 3.4 BHP shares for every one Rio Tinto share, an increase from an initial and informal proposal of a three-for-one, all-share takeover it revealed last November, the Melbourne-based company said in a statement.
Rio Tinto has so far refused to enter into talks with its rival on a bid, which it said significantly undervalued the company.
Rio Tinto Chairman Paul Skinner said the company would carefully consider BHP Billiton's latest offer, and asked shareholders not to take any action yet.
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