BHP Billiton Aborts $130B Bid For Rio Tinto

Law360, New York (November 25, 2008, 12:00 AM EST) -- BHP Billiton Ltd. has withdrawn its $130 billion offer for rival miner Rio Tinto Ltd. after 18 months of wooing, blaming the global economic crisis and an associated fall in commodity prices, even as it faced antitrust concerns from the European Union and Japan.

The Australian mining giant said Tuesday that its board of directors had decided that completion of the transaction with the Brazil-based company, which would have required divestitures to clear EU antitrust hurdles, was not in the best interest of company shareholders in...
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