BHP Billiton bid 'ballparks away': Rio Tinto chief

0 Comments | AFP, December, 2007

SYDNEY (AFP) — BHP Billiton's takeover offer for rival Rio Tinto was far away from a true valuation of the smaller company, Rio Tinto's chief executive said in an interview broadcast Sunday.

Tom Albanese, in Australia for a presentation to investors, told national television that BHP Billiton's bid to create a mining behemoth was too low to be accepted and that this view was supported by the market's response.

Rio Tinto has rejected BHP Billiton's proposal of three of its shares for every Rio Tinto share -- a proposal which values Rio at some 134 billion US dollars based on current share levels.

"We've seen the market move well past the BHP proposal, which we rejected, and the market to some extent is speaking," Albanese told the Australian Broadcasting...