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/ 8 November 2007

Rio Tinto rejects BHP Billiton bid

BHP Billiton has made a long-awaited bid approach to Rio Tinto in a move aimed at creating a $350-billion-plus mining giant, but Rio rejected the all-share proposal as too low. Rio shares leapt as much as 30% in London to a record high on Thursday after it said BHP had proposed offering three of its shares for every one Rio share.