Baosteel ends Rio speculation
December 6, 2007 - 2:16PM
China's Baosteel group has no plan to bid for mining giant Rio Tinto and does not have the financial strength for such a bid, official Chinese media quoted Baosteel chairman Xu Lejiang as saying.
In an interview with the Shanghai Securities News, published on Thursday, Xu was quoted as denying an earlier report in local media that he had expressed interest in bidding.
"I did not say this. It is a fabrication of the media," Mr Xu told the Shanghai Securities News. The official China Securities Journal carried a similar denial by him.
On Tuesday, a smaller Chinese newspaper, the 21st Century Business Herald, had quoted Mr Xu as saying Baosteel, whose listed arm is Baoshan Iron & Steel Co , was considering a bid of at least $US200 billion for Rio Tinto and that there was a large chance of a takeover effort going ahead.
Another miner, BHP Billiton , has approached Rio Tinto with a $125 billion all-share takeover proposal.
Reuters
chinas baosteel may bid for rio tinto, page-4
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