Chaotic markets and tumbling economic growth and commodity prices have still not persuaded BHP Billiton that its pursuit of Rio Tinto is reckless. The group continues to press forward with its takeover bid, and its response to the statement of objections it received in private this week from Europe's competition regulator will be conditioned by a public statement from the same agency two weeks ago.

As per media reports, Europe's Competition Commission’s confidential statement of objections this week did not make specific claims on assets. But it raised concerns about the concentration of market power a merged BHP-Rio would have in key commodities, including iron ore, and, it is believed, coking coal.

They combine with the earlier public tightening of the remedies formula to put the weight on BHP to come up with firm and bold plans for asset disposals.

The report added that “General undertakings to offload assets to unidentified acquirers will not succeed, and the commission will not consider proposed asset sales to be effective unless a suitable purchaser is either identified, or ways to identify a buyer are laid out. Companies must also detail assets and personnel that need to be offloaded to ensure the viability of the business to be divested.”