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BHP Billiton seeks talks with Chinalco on Rio stake – report
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27th March 2008
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The world's biggest mining group, BHP Billiton, wants to hold discussions with Aluminium Corporation of China, known as Chinalco, over the Chinese firm's stake in diversified miner Rio Tinto, Bloomberg News reported on Thursday, citing BHP chief Marius Kloppers.

BHP Billiton earlier this year launched an unsolicited $133-billion takeover bid for Rio Tinto, which has urged shareholders not to accept the larger firm's offer.

However, Chinalco could hold the trump card in the situation, after it teamed up last month with US-based Alcoa to buy 12% of Rio Tinto's London-listed shares.

Kloppers would seek to meet with Chinalco to persuade the company to tender its shares in Rio Tinto into BHP Billtion's offer of 3,4 of its own shares for every Rio share.

A Chinalco spokesperson said the company had not yet met with BHP Billiton, according to the Bloomberg report.

Edited by: Liezel Hill

 

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