China maintains opposition to BHP-Rio tie despite Australia ‘go’
Oct 06, 2008 | 10:41 AM
| Li Hongmei
Chinese steel industry opposition to BHP Billiton's bid to take over fellow Anglo-Australian miner Rio Tinto continues despite Australian authorities concluding the combination wouldn't distort the seaborne iron ore market.
The Australian Competition and Consumer Commission (ACCC) last week said it wouldn't oppose BHP Billiton's $132-billion bid for Rio Tinto, an offer that several national regulators are examining for signs that it could infringe competition laws.
But the China Iron and Steel Association (Cisa) has no plans to drop its opposition, according to an industry source close to the industry lobby group.....
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