|
|
Article: BHP Billiton Launches Bid for Rio Tinto
- Article from:
- AP Online
- Article date:
- February 6, 2008
- Author:
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
BHP Billiton formalized its unwelcome takeover bid for Rio Tinto on Wednesday and raised the stakes with an all-share offer worth $147.4 billion that would create a global mining monolith.
Rio Tinto, which rejected an initial approach from BHP Billiton last year as too low, said it would consider the new offer, and urged its shareholders not to act hastily.
BHP Billiton is offering 3.4 of its shares for every one Rio Tinto share, an increase from the initial informal proposal of three-for-one, the Melbourne-based company said. The offer applies to both companies in the Rio Tinto Group, the Australian-listed company Rio Tinto Ltd. and British-listed Rio Tinto PLC.
BHP ...