The Sydney Morning Herald reported that BHP Billiton Ltd has no plans to raise its USD 147 billion takeover bid for Rio Tinto Group.

The news paper without saying where it got the information said that Rio has not been approached by its larger Melbourne based rival with an increased offer.

Rio shares have gained this week amid rumors BHP will raise its offer to 3.7 of its shares for every Rio share plus cash, or four of its shares for every Rio share, the Herald said. BHP is currently offering 3.4 shares for every Rio share.