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BHP backs off hostile takeover

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BHP backs off hostile takeover

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The global mining giant BHP Billiton has turned its back on its 50-billion euro hostile takeover of Rio Tinto. BHP blamed worsening market conditions and demands from European regulators that it would have to sell-off its prized iron-ore and coal assets. When it was first proposed a year ago, the all-share deal was worth 108-billion euros, making it the second biggest corporate takeover bid after Vodafone’s move on Mannesmann. The deal would have combined the number two and three iron-ore producers in the world.