Wednesday, October 06,
Mining giant Rio said it had not made “any final decisions” on its massive Iron ore joint venture with BHP Billiton after Australian media reported the deal had collapsed.
However, the Anglo-Australian company said “potential obstacles” to the controversial merger of Rio and BHP’s Australian Iron ore operations had been discussed at a board meeting on Monday.
“The Rio Tinto board has not made any final decisions about possible outcomes or next steps relating to the proposed Rio Tinto/BHP Billiton Iron ore production joint venture in Western Australia,” Rio said in a statement.
It is said that Rio now opposed the deal because of its improving financial performance and objections from shareholders, as well as a feeling that its terms favoured BHP.
Source: The Economic Times
Leave a Reply