China to join bidding for Rio Tinto with offer of US$200 billion - Aussie Stock Forums

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  1. #1

    Default China to join bidding for Rio Tinto with offer of US$200 billion

    BEIJING (XFN-ASIA) - China will join the bidding for Rio Tinto with an initial offer of about 200 bln usd, Beijing-based weekly China Business reported over the weekend.

    Citing unnamed sources familiar with the matter, the newspaper said China's newly launched sovereign wealth fund - China Investment Company - will join hands with Baosteel, Shougang group, Angang group and some other firms controlled by the central government to make the bid.

    'China will start its move very soon,' a source was quoted as saying.

    No further information was provided.

    Rio Tinto earlier this month rejected a merger proposal from BHP Billiton (NYSE:BHP) which valued Rio Tinto at about 142 bln usd.

    BHP Billiton's takeover bid for Rio Tinto aroused concerns among China steelmakers, which fear a combined entity will have too much power over iron ore pricing


    Big plans for Rio:

    - RioTinto doesn't want to sell

    China's eyes still on Rio: report

    - BHP executives appear confident China will not try to block their bid for Rio, since such a move would ignite global fears that Chinese capital is being used for political purposes. Further, China has no experience in running a global mining company.

  2. #2

    Default Re: China to join bidding for Rio Tinto with offer of 200 bln usd - report

    This is old news, Rio Tinto said they have denied this rumour.

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