Reuters reported that Mr Marius Kloppers CEO of BHP Billiton Limited does not see the company's hostile USD 122 billion bid for rival Rio Tinto Ltd being affected by global market turmoil.

He said that it is not changing its long term commodity price outlook. He added that "It is a deal for all seasons. Look at the nature of our proposal, it is a relative transaction. Under any scenario you get the synergies and unique benefits that are possible through the combination of these two portfolios. You get them when times are good, you get them when times are bad. And at difficult times like this and people value cost-savings, synergies, cash flow benefits and so on we view this transaction, if anything, as even more attractive under slightly more uncertain circumstances."

Both BHP and Rio have benefited from surging global demand for minerals, particularly from China. BHP sees a merger as putting the companies in pole position to benefit from demand in China and other fast growing Asian countries.

Rio has rejected the bid as undervaluing its prospects, while Chinese steelmakers have voiced strong opposition on concerns that the deal would give the combined entity too much control over mineral supplies.

The deal is currently under scrutiny by European Union, Australian and other regulators.