September 08, 2008

BHPB bid for Rio – BHP to talks to Chinalco

Bloomberg reported that BHP Billiton Ltd is seeking talks with Aluminum Corp. of China to convince the state owned producer to sell its stake in the London based company.

Marius Kloppers CEO of BHPB said “We will seek to meet with them in the same way we are meeting with all the top 20, 50 shareholders of Rio Tinto.”

He added that “We clearly want 100% of the company but 50% acceptances will be enough to gain control.''

Chinalco bought a potential blocking stake in Rio last month and its chairman Mr Xiao Yaqing said on March 18th 2008 that he may buy more shares to secure the metals needed by China.