BHP Billiton Moving Forward with Rio Tinto Takeover
June 01, 08 by Edahn Golan
BHP Billiton on Friday filed official competition papers with the European Commission, another step in the process of taking over rival Rio Tinto.
"BHP Billiton is today making its official competition filing to the European Commission in relation to its proposed acquisition of Rio Tinto," the company said in a release.
According to a source familiar with the negotiations, BHP is moving forward with its takeover bid according to the original schedule, rejecting speculation that it has given up on its desire to merge the two multi-commodity giants.
In response, the EC set a deadline of July 4 on the proposition, saying that it would either rule on the proposal by that date or open an in-depth anti-trust investigation, AFP reported.
