Chinese May Join Takeover Battle for Rio Tinto ; Mining

Summary

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CHINA'S steelmakers and the country's government are looking at making a joint bid for Rio Tinto in a dramatic attempt to break up BHP Billiton's attempted Pounds 65 billion takeover amid concerns the deal will shut the Chinese out of the world's iron-ore supply.

A takeover of London-based Rio Tinto by BHP would hand the combined entity 40% of the world's iron-ore supply and almost half the Asian market. China's rapid industrialisation is at the heart of the current commodities boom. It has pushed demand for raw materials to record levels, putting pressure on local companies to own the means of production.

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Chinese May Join Takeover Battle for Rio Tinto ; Mining

A bid by Chinese steelmakers, the largest buyers of iron ore, would be China's biggest overseas takeover, and would secure supply of the raw material ...

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