Fresh Talk of Bid by Bhp Puts a Shine On Rio Tinto ; Market Round-Up

Summary

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A NEW surge of speculative buying today sent shares of Anglo- Australian mining giant Rio Tinto surging 193p to a record 3498p.

It followed heavy purchases of the shares overnight in Sydney, where the price rose as much as 11% amid persistent talk the company may be the target of a bid from rival BHP Billiton. Dual-listed Rio rose A$10 to A$99.69 at one stage before ending at A$99.40, valuing it at about Pounds 50 billion. But the miner today said it was not aware of any takeover approach from BHP, 27p dearer at 1212p.

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Extract

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Fresh Talk of Bid by Bhp Puts a Shine On Rio Tinto ; Market Round-Up

The talk in London last week was of a privateequity tilt at Rio. But Citigroup says a bid by a cashed-up BHP would make more sense, given their operatio...

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