|
|
Article: United Kingdom: Rio Tinto rises amid talk of snub for BHP link-up.
- Article from:
- TendersInfo
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: manish03
Rio Tinto was in the spotlight yesterday amid talk that shareholders could vote down a proposed joint venture with BHP Billiton .
Rio and BHP announced plans to pool their Western Australian iron ore assets in June, after Rio called off talks with Chinalco about a proposed $19.5bn investment.
Citigroup said it was possible Rio's Australian shareholders would vote against the tie-up next month.
"With the rights issue successfully completed and significant progress made on the asset sale process, there is no longer the balance sheet pressure for Rio to do the joint venture ," Citigroup said in a note.
If the ...