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ACCC approves BHP takeover of Rio
1-October-08
Written by AAP
Rio Tinto Ltd shares surged today after the Australian competition watchdog gave the green light to BHP Billiton's proposed $151 billion takeover of the group and declared the deal was unlikely to reduce competition.
The Australian Competition and Consumer Competition (ACCC) noted that its near four month review of the planned merger had unearthed "significant concerns" about the takeover's impact on commodities supply and prices, particularly for iron ore.
But the ACCC, which is the second global regulator to wave through the takeover, believes the concerns voiced by various parties will not result in less robust competition in Australia.
Article continues...
1-October-08
Written by AAP
Rio Tinto Ltd shares surged today after the Australian competition watchdog gave the green light to BHP Billiton's proposed $151 billion takeover of the group and declared the deal was unlikely to reduce competition.
The Australian Competition and Consumer Competition (ACCC) noted that its near four month review of the planned merger had unearthed "significant concerns" about the takeover's impact on commodities supply and prices, particularly for iron ore.
But the ACCC, which is the second global regulator to wave through the takeover, believes the concerns voiced by various parties will not result in less robust competition in Australia.
Article continues...
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