European Steel Makers Oppose BHP-Rio Merger

Law360, New York (May 30, 2008, 12:00 AM EDT) -- As BHP Billiton Ltd. notified the European Commission Friday of its plans to acquire Rio Tinto Plc, Europe’s iron and steel industry group, Eurofer, urged the EC to reject BHP’s plans, claiming the move could lead to decreased competition in the iron ore sector of the mining industry.

In a statement Friday, Eurofer’s director general Gordan Moffat asked the commission to dismiss BHP’s merger application, pointing out that the combined company resulting from such a merger would control almost 40% of the seaborne iron ore market....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.