Tag: BHP – RIO

Rio Tinto (RIO) and BHP Billiton (BHP) will both be changing chair’s in the next year after Rio chairman was named as chair of British telco, BT.

Big things seem to be happening within BHP Billiton (BHP) and Rio Tinto (RIO), judging by several announcements and speeches yesterday.

Rio Tinto has joined rival BHP Billiton in reviewing its increasingly minor involvement in the diamond industry.

A week after reporting massive profits and more spending on expanding their huge WA iron ore operations, BHP Billiton and Rio Tinto yesterday revealed they would spend around $US4 billion ($A3.75 billion) on the huge Escondida copper mine in Chile which accounts for around 8% of total annual global production.

Relieved of the need to hand over close to $US6 billion or more to Rio Tinto as an equalisation payment for the Western Australian iron ore joint venture, BHP Billion now has more freedom and firepower to attack and win control of PotashCorporation of Canada, if the Canadian government is willing to allow a bid to succeed, of course.

Solid price rises for both BHP Billiton and Rio Tinto shares in Australia yesterday in the wake of an admission from Rio that the proposed iron ore joint venture was not looking good and media reports that it was finished.

Of all the things that will or could happen in Australian business this year, the $US116 billion tie-up between BHP Billiton’s and Rio Tinto’s iron ore operations in Western Australia looms as the most important one that we know of, so far.

Rio Tinto and BHP Billiton have signed a binding agreement to combine their Western Australian iron ore operations into a multi-billion dollar joint venture and said they hope to have the deal wrapped up by the second half of next year.

BHP and Rio Tinto have scrapped a major part of their proposed iron ore joint venture that was first revealed in early June.

Some were surprised, but they shouldn’t have by the decision by BHP Billiton to pull the Rio Tinto bid.

Shares in BHP Billiton predictably surged more than 4%, or $1.93 on speculation that Chinese state-owned investor or investors were preparing to swoop to snatch a stake in the giant miner.

Is the BHP Billiton-Rio Tinto marriage destined for consummation?

The BHP Billiton bid for control of rival Rio Tinto has just been changed by the news that the $US90 billion offer from Brazilian mining giant, Vale, for Xstrata of Switzerland has collapsed.

Well, it's either going to be hostile, or it will be accepted: that's if the board of Rio Tinto can make up their mind about the devil they know in their great rival, and the unknown of rejecting the $164 billion ($US147.4 billion) offer and remaining with 9% held by an unstable Chinese-US group of Chinalco and master, Alcoa.

BHP Billiton this morning made history by launching the world's largest ever takeover offer with a $US147.4 billion offer for rival, Rio Tnto.

There seems to be no end to excitement on the Rio Tinto/BHP Billiton front.

BHP Billiton's play for Rio Tinto has overshadowed the impact of the volatile commodities markets on its share price (and Rio's) in recent weeks.

BHP Billiton (BHP) fell today after its annual general meeting (AGM) in Adelaide where it said it will aggressively continue its takeover pursuit of Rio Tinto.

There's growing opposition reported to the BHP Billiton plan to merge with rival Rio Tino and the market is reflecting the growing pessimism that the deal will not get up.

Rio Tinto (RIO) rose by as much as 15% today on the back of conjecture that the rejected $140 billion all-share offer from BHP Billiton would lead to an improved offer or would trigger rival bids.

BHP Billiton has been rejected in its attempt to snuggle up to rival Rio Tinto Group and pounce to produce the world's biggest mining group.

Copper rose and BHP Billiton shares and Rio shares rose to new record closes on the ASX yesterday.