Chairman of Rio Tinto refuse BHP Billiton’s offer in writing

Following the ultimatum issued by UK Purchase Commission, chairman of Rio Tinto Paul Skinner refuse BHP’s offer again in a public letter to stockholders. And remind its stockholders to concern on the strong development of their company in the future. Some news said Rio Tinto will sell some of its share control right to accept BHP’s purchase. Different from before, Rio Tinto is stressing its stock control right now, but not the whole. And the price of BHP will be the biggest depend. Paul Skinner said in the public letter that the broad member suggest that the 3:1 exchange rate has significantly undervalue the future of Rio. BHP said they will seek other opportunities to negotiate with BHP and has not make decision if they make formal bidding.