Rio was up over 8% in New York and 6.5% in London trading Friday. You are right about BHP shares being down though, which is no surprise. BHP will most likely bounce back sometime this week though, it was up strongly (over 5%) in London trading before it pulled back.Why aren't the American investors interested?Rio shares lost 3.4% on Friday and BHP 1.35%.
Rio was up over 8% in New York and 6.5% in London trading Friday. You are right about BHP shares being down though, which is no surprise. BHP will most likely bounce back sometime this week though, it was up strongly (over 5%) in London trading before it pulled back.
Hi M34N.We must have conflicting information.
http://www.nyse.com/about/listed/quickquote.html?ticker=rio tinto
RIO on the NYSE is Brazillian company Companhia Vale do Rio Doce (CVRD).Hi M34N.We must have conflicting information.
http://www.nyse.com/about/listed/quickquote.html?ticker=rio tinto
and I am told that a rumour is picking up that RIO may counter-bid for BHP...
Cheers
.........Kauri
Hope "Twiggy" is going to open his lines up for everyone as well?
Bloomberg said:BHP Raises Takeover for Rio Tinto, Offers 3.4 Shares (Update1)
By Rebecca Keenan
Feb. 6 (Bloomberg) -- BHP Billiton Ltd., the world's biggest mining company, made a sweetened $147.4 billion takeover bid for Rio Tinto Group after its London-based competitor refused to enter merger negotiations.
BHP offered 3.4 shares for each share of Rio, the Melbourne- based company said today in a statement to the Australian Stock Exchange. BHP's three-for-one all-stock proposal made on Nov. 8 was rejected by Rio as undervaluing its mines and growth prospects.
Chief Executive Officer Marius Kloppers has pledged to generate $3.7 billion in cost savings and revenue gains by buying the world's third-largest mining company.
``The synergy from the cost and revenue side would be enormous,'' said Simon Bonouvrie at Platypus Asset Management, which manages A$1.4 billion ($1.2 billion) including both stocks, in Sydney. ``It would bring new production quicker and benefit both sets of shareholders.''
Rio Tinto's American depositary receipts gained 6.3 percent to $450 in New York.
Surely they will go to around $132..... $120 would be quite a drop considering there is a company (BHP) saying that they will pay $132
Gees, always gotta watch what you say around here. hahaha
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