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Rio Tinto rejects US$350 billion BHP Billiton bid


Anglo-Australian mining giant Rio Tinto formally informed shareholders Tuesday that it had rejected an unsolicited 350-billion US dollar merger proposal from BHP Billiton.

Rio Tinto knocked back BHP`s three-for-one share swap offer last week and has twice refused requests from the world`s largest miner to hold talks on the mega-merger, saying the offer undervalued the company.

Rio Tinto, itself the world`s third largest miner, formally notified its shareholders of the decision in a letter sent to the Australian Stock Exchange Tuesday.

"Your boards gave the proposal careful consideration and concluded that it significantly undervalues Rio Tinto and its prospects. Accordingly, the boards unanimously rejected the proposal," Rio Tinto chairman Paul Skinner said in the letter.

BHP argues the proposal is "logical and compelling" because it will unlock 3.7 billion US dollars a year in enhanced earnings and cost-saving synergies for shareholders of both companies.

In a statement to the Australian Stock Exchange Monday, BHP argued its offer represents a premium of about 28 percent to the combined market value of Rio Tinto shares in the three months to October 31.

BHP told journalists in London Monday that it plans to meet the major shareholders of Rio Tinto as early as this week to explain the "irresitible logic" of the offer.

Chief executive Marius Kloppers hinted that BHP could launch a hostile takeover bid if the Rio Tinto board continued to hold out.

"Our sole objective is to tell people about this unique value proposition and get Rio Tinto to engage," Kloppers said when asked if his company would go hostile.

"What other things eventually are down the road I just wouldn`t care to speculate today," he added.

Rio Tinto was down 80 cents at 138.94 dollars at noon in a rising overall Australian share market as investors took a wait-and-see attitude to the proposed takeover, while BHP was down 25 cents at 41.45 dollars.

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Rio Tinto rejects US$350 billion BHP Billiton bid -  Знаменитости Rio Tinto rejects US$350 billion BHP Billiton bid шоу бизнес последние эротические фотографии  эротика лучшие
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