Perhaps Matthew Stevens should do more research before he goes public with his thoughts.
Chinalco are not just concerned with Aluminum. Chinalco bought Peru Copper Inc. for $860 million last August, Anshan Iron & Steel Group in September for $1.8 billion and in 2006 they spent $2.7 billion buying Nigerian oil fields. I'm sure they would love to buy RIO also. They certainly can afford it as they are backed by the Chinese government. The big question is - would the Foreign Investment Review Board let them? I don't think so! So BHP most likely will see Chinalco as a toothless tiger and will ignore them. I would expect BHP's Feb-6 bid to be not much above 3xBHP shares. I doubt that a counter bid will eventuate from anyone.
chinese buy 12 percent of rio tinto, page-35
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$120.49 |
Change
0.860(0.72%) |
Mkt cap ! $44.67B | |||
| Open | High | Low | Value | Volume |
| $119.31 | $121.07 | $118.98 | $55.51M | 461.3K |
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| No. | Vol. | Price($) |
|---|---|---|
| 10 | 277 | $120.47 |
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| Price($) | Vol. | No. |
|---|---|---|
| $120.49 | 106 | 5 |
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