Australia’s competition watchdog said yesterday it will not oppose BHP Billiton’s proposed takeover of rival Rio Tinto, saying the deal would be unlikely to substantially lessen competition.
The Australian Competition and Consumer Commission (ACCC) said the bid to merge the Anglo-Australian mining giants would create a significant global supplier of iron ore, coal, bauxite, alumina, copper and uranium.
“In particular, the proposed acquisition would combine two of the three major global suppliers of iron ore,” ACCC Chairman Graeme Samuel said.
“While significant concerns were raised by interested parties in Australia and overseas, the ACCC found that the proposed acquisition would not be likely to substantially lessen competition in any relevant market,” he said.
The hostile bid for Rio, announced by the world’s largest miner BHP Billiton in February, has created concerns around the globe — including in major resources market China — that the mega-miner would have too much control over prices and supply.
In a preliminary statement released in August, the ACCC identified the supply of iron ore as a potential concern if the merger went ahead because it would see two of the three major global seaborne suppliers combine.
But Samuel said yesterday that high demand for iron ore had seen significant expansion in the market.
The merged firm would also be unlikely to limit its iron ore supply “given the uncertainty it would face in relation to the profitability of this strategy,” he said.
BHP Billiton’s bid for Rio Tinto, the world’s third largest miner, is for 3.4 BHP Billiton shares for every Rio Tinto share, valuing it at about US$120 billion.
Rio Tinto has repeatedly rejected the offer, saying it greatly undervalues the company as both firms enjoy huge demand for their raw materials from rapidly industrializing Asia.
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