Rio Tinto rejects BHP Billiton bid
From Times Wire Services
Rio Tinto Group rejected a sweetened $147-billion offer from BHP Billiton Ltd. because the company said it “significantly” undervalues the copper and iron-ore producer.
BHP raised the bid by 13% after Aluminum Corp. of China bought a stake in Rio to block the takeover. The combination of BHP and Rio would create the world’s biggest producer of copper and vie with Brazil’s Cia Vale do Rio Doce as the largest supplier of iron ore.
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