BHP Billiton calls off bid for Rio Tinto
Tue Nov 25, 2008 7:19am GMT
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SYDNEY (Reuters) - Global miner BHP Billiton (BHP.AX: Quote, Profile, Research) Ltd/Plc (BHP.AX: Quote, Profile, Research) (BLT.L: Quote, Profile, Research) called off its $58 billion (38 billion pound) bid for rival Rio Tinto (RIO.AX: Quote, Profile, Research) (RIO.L: Quote, Profile, Research) on Tuesday, citing worsening market conditions and demands for asset sales from European regulators.
BHP Billiton said the European Commission wanted divestments in both iron ore and coal as a condition of the deal.
Iron ore was one of the main reasons behind BHP's audacious bid, which ranked as one of the world's top-three takeovers in history when launched last year, ahead of a dive in metal prices.
(Reporting by James Regan, editing by Mark Bendeich)
($1=.6590 Pound)
bhp/rio deal is off fmg is a sitting duck
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