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Article: Rio Tinto turns down formal US$147.4 billion bid from mining rival BHP Billiton
- Article from:
- AP Worldstream
- Article date:
- February 7, 2008
- Author:
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Rio Tinto rejected a sweetened formal offer from mining rival BHP Billiton, saying the all-share offer worth US$147.4 billion (100.35 billion) still did not reflect the value of the company and its prospects for expansion.
Rio Tinto, which had already rejected an initial approach from BHP Billiton last year as too low, said its boards were unanimous in turning away an offer that would create the dominant global player in iron ore.
"BHP Billiton's offers, while improved, still fail to recognize the underlying value of Rio Tinto's quality assets and prospects," Rio Tinto Chairman Paul Skinner said Wednesday. "Our plans are unchanged, and will remain so unless ...