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| Name | Symbol | Market | Type |
|---|---|---|---|
| Rio Tinto Plc | NYSE:RIO | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.77 | 1.13% | 69.05 | 69.12 | 68.42 | 68.96 | 1,490,681 | 20:43:24 |
From May 2019 to May 2024
The board of Rio Tinto Ltd. (RTP) is preparing to abandon a proposed $116 billion iron ore deal with rival miner BHP Billiton Ltd. (BHP) in Australia's Pilbara region, the Sydney Morning Herald reports in Wednesday's edition.
Rio's decision to walk away appears to be due to improving financial fortunes at the London-based giant, pressure from shareholders and the conclusion that terms of the deal favored BHP, the newspaper said. Sources close to Rio's board confirmed that the company was preparing to tell BHP of its decision Tuesday.
Rio Chairman Jan du Plessis had told fellow directors Monday night that he didn't think BHP would object to Rio's calling an end to the deal, according to the report.
The aborted joint venture, which follows BHP's unsuccessful bid to take over Rio in 2008, has been expected to meet opposition from regulators in Europe and China concerned about the effect the deal would have had on world steel prices.
Full story at http://www.smh.com.au/business/rio-dumps-record-bhp-deal-20101005-1665z.html
-Dow Jones Newswires; 212-416-2900
1 Year Rio Tinto Chart |
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