Australia PM Visiting China Heats Up BHP-Chinese Duo

Australia Prime Minister Kevin Rudd paid a visit to China on April 9 for the first time, which will last 4 days to April 12 amid speculation that China is considering purchasing BHP Billiton Ltd’s share with an approaching scheme, but Chinese government hasn’t decided which state-owned financial organization or steel producer heads the project as The Australian said. LME source released that Chinese steel giant Baosteel has showed interests in the scheme, which boosted 3.9% of the company’s stock price in the late trade. Source from Baosteel said they didn’t hear about such thing, while BHP spokesman declined to comment. There was once rumor that some Chinese financial organization would work with steel giants in buying into BHP when BHP announced to bid for rival Rio Tinto, this was immediately followed by a definite deny. Earlier reports said that an officer had proposed the 16 large steel companies in China should cooperate in overseas resources developing and acquiring other related firms in the closed meeting held by China Iron and Steel Association（CISA）earlier this year. COPYRIGHT All rights reserved. The copying, republication or redistribution of WAM News Content, including by framing or similar means, is expressly prohibited without the prior written consent of WAM.