Aussie Mining Takeover Saga Nears End (BHP, RTP, RIO)

October 06, 2008 | By Eugene Bukoveczky It seems to have taken longer than a month of Sundays, but it now finally looks like we're approaching the endgame in the protracted takeover battle for Australian mining giant Rio Tinto (NYSE:RTP). The process started out last November when rival Aussie miner BHP Billition (NYSE:BHP) first approached Rio to talk up the mutual benefits of combining forces. Rio Shareholders Continue to Reject Offer The big prize from such a combination would be the setup of duoploy that would effectively corner the world's supply of iron ore. Right now, BHP, Rio and Brazilian mining company Companhia Vale do Rio Doce (NYSE:RIO) together control 75% of the global trade in iron ore. Combined, BHP and Rio would have a 38% share. Despite the obvious advantages of such a setup, Rio shareholders didn't warm to... [read full story]