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BHP Billiton shares surge on report China eyeing stake
AFP, April, 2008
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SYDNEY (AFP) — Shares in BHP Billiton surged more than five percent Wednesday after a report in Australia that China was poised to buy a multi-billion dollar stake in the world's largest miner.
The Australian newspaper, citing sources in Beijing, said China was working on a plan for a state-owned entity, possibly the Baosteel steel mill, to launch a share raid on BHP Billiton.
The move was aimed at intervening in BHP's proposed 147.4 billion US dollar takeover of rival Rio Tinto, the newspaper reported.
China has expressed concern the mega-merger would create a behemoth with too much power over commodity prices, and in February state-owned Chinalco joined with US firm Alcoa to buy 14 billion US dollars worth of Rio ...
