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  • commoditycutie commoditycutie Nov 25, 2008 2:22 AM Flag

    BHP Withdraws $66 Billion Stock Offer for Rio Tinto

    BHP Withdraws $66 Billion Stock Offer for Rio Tinto (Update1)

    By Rebecca Keenan

    Nov. 25 (Bloomberg) -- BHP Billiton Ltd., the world’s largest mining company, scrapped its $66 billion offer for Rio Tinto Group citing the turmoil in global markets.

    “The BHP Billiton board today decided it no longer believes that completion of the offer for Rio Tinto would be in the best interests of BHP Billiton shareholders,” Don Argus, chairman of Melbourne-based BHP said in a statement to the Australian stock exchange. “We have concerns about the continued deterioration of the near term global economic conditions, the lack of any certainty as to the time it will take for conditions to improve and the risks that these issues imply for shareholder value.”

    BHP rose 12 percent to A$26.22 at the 4:10 p.m. Sydney time close on the exchange.

    To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net

    Last Updated: November 25, 2008 02:12 EST

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