Thursday, October 14,
BHP Billiton Ltd. and Rio Tinto Group are unlikely to abort their proposed Iron ore joint venture before receiving a preliminary investigation from the European Commission, the Australian Financial Review reported.
Lawyers hired by the two companies are expected to meet European competition officials this month. The Commission is examining the miners’ planned $116 billion Iron ore production joint venture in Western Australia to determine whether it is anti-competitive.
Eurofer, the European steelmakers’ lobbying group whose members include ArcelorMittal, the world’s largest steel company, and Germany’s ThyssenKrupp, has criticized the joint venture, arguing it would curb competition in the seaborne Iron ore market.
Source: Bloomberg
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