Billiton's Rio bid is rolling

By THIS IS MONEY
Updated:

 

Billiton's shares rose 13 1/2p to 267p as the mining group confirmed that the £568m agreed offer it is making for Canadian copper producer Rio Algom is under way.

A hostile bidder, Noranda, a Chilean-Canadian combine, had at first said it would top the Billiton offer for Rio but now says it is pulling out and putting its Rio stake into the pot. Billiton wants to bump up copper production, which Rio mines, along with uranium and coal, in North and South America.

Billiton said it expects the go-ahead soon for the deal. It has raised £534.6m through a share placing to fund this and other acquisitions.

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