Australian competition watchdog probes BHP-Rio merger plan

SYDNEY (AFP) — Australia's competition regulator launched an inquiry Friday into mining giant BHP Billiton's hostile takeover of rival Rio Tinto.

The Australian Competition and Consumer Commission said it had received a submission from BHP that enabled it to commence market inquiries into the proposed deal.

BHP launched its takeover bid last year and raised its offer to 147 billion US dollars in February but Rio continues to resist, saying the price is too ...