No Assets-sold Necessity for Rio Tinto Bid Approval, says BHP CEO

Melbourne, June 5—Global mining giant BHP Billiton said there is no need to sell assets for getting approval from regulators for its $170 billion bid for rival Rio Tinto, while there is still possibility. BHP Billiton carries no talks with any Chinese companies for buying its shares, said the company’s chief executive officer Marius Kloppers Thursday, adding BHP Billiton will definitely announce it if there are such talks going on. BHP Billiton will deliver takeover offer to Rio Tinto’s shareholders only when receiving approval from regulators of Europe, Australia, Canada and South Africa, which is estimated to be finished late this year. BHP’ bid for Rio Tinto has worried China over the unduly pricing power from the potential combination, as China needs the commodities to support rapid domestic growth in industries. While referring to the report that a Chinese company is considering to buy into BHP, Kloppers said the company didn’t talk with any Chinese companies, “we really have no talks with any companies”. 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.