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Rumors of a takeover of Rio Tinto,the world’s largest resource mining company,have Chinese iron ore customers and steel producers on edge Rio Tinto challenged BHP Billiton on December 11 with a possible deadline to make a formal takeover offer in what could be the second largest takeover ever. On November 8 BHP made public an informal proposal worth around＄140 bil- lion,offering three of its shares for every one Rio share,but Rio rejected this propos- al.Over a month later,Rio applied to the Panel on Takeovers and Mergers in the UK to set a deadline for the potential bidder to formalize its intention in a“put up,or shut up”rule.
Rumors of a takeover of Rio Tinto, the world’s largest resource mining company, have Chinese iron ore customers and steel producers on edge Rio Tinto challenged BHP Billiton on December 11 with a possible deadline to make a formal takeover offer in what could be the second largest takeover ever. On November 8 BHP made public an informal proposal worth around $ 140 bil- lion, offering three of its shares for every one Rio share, but Rio rejected this propos- al. Over a month later, Rio applied to the Panel on Takeovers and Mergers in the UK to set a deadline for the potential bidder to formalize its intention in a “put up, or shut up” rule.