Rio Tinto rules out BHP counterbid
Rio Tinto Ltd chief executive Tom Albanese has again rejected the notion of teaming up with other companies to counterbid for hostile suitor BHP Billiton Ltd.
An April 8 report from ING Bank NV said a “defensive bid by Rio Tinto for BHP Billiton, with the disposal of the petroleum assets and some mining assets could be feasible”.
ING Bank listed Woodside Petroleum Ltd, Australia’s second largest oil and gas producer, as a potential partner in the counter bid.
“I think back in November, I completely rejected the concept of a PacMan type defence and I would reject that again now,” Mr Albanese told reporters in a conference call.
BHP Billiton has launched a $US155 billion ($A167.39 billion), all-scrip, hostile takeover bid for Rio Tinto.
