Rio Tinto considers counterbid for BHP Billiton
LONDON (AFP) — Anglo-Australian mining giant Rio Tinto is reportedly considering the launch of a counterbid for its larger rival BHP Billiton.
A week ago, Rio Tinto rejected an unsolicited 350-billion US dollar merger proposal from BHP.
Rio Tinto knocked back BHP's three-for-one share swap offer and has twice refused requests from the world's largest miner to hold talks on the mega-merger, saying the offer undervalued the company.
According to the Wall Street Journal, Rio Tinto is planning to outline its defence at an already-scheduled day of investor meetings on November 26, people familiar with the matter said.
To fight off BHP, Rio might decide to sell assets and return money to shareholders, they added.
