Record Fall for Bhp As It Sweetens Rio Takeover Offer ; Mining

Summary

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SHARES in mining giant BHP Billiton had their biggest one-day fall ever today after it sweetened its offer for rival Rio Tinto to $174.4 billion (Pounds 88.54 billion) and announced its first drop in profit in more than five years.

After tumbling 8% in Sydney BHP shares in London fell 71p, or 4%, to 1526p. Rio's also fell because BHP's takeover offer is all in BHP shares rather than cash. BHP is offering 3.4 of its shares for every one of Rio's.

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Extract

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Record Fall for Bhp As It Sweetens Rio Takeover Offer ; Mining

The new BHP offer is 13% more than its earlier three-for-one prop...

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