BHP Billiton abandons bid for Rio Tinto

BHP Billiton Ltd., the world's biggest mining company, abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices.

Rio Tinto says it is comfortable with debt level

Mining giant Rio Tinto on Wednesday sought to allay concerns about its debt levels a day after bigger rival BHP Billiton abandoned a takeover bid for that reason, sending Rio's share price plummeting.

Japan gives 11-day ultimatum to BHP over hostile Rio Tinto takeover

The Japanese Government has ordered BHP Billiton, the world's largest miner, to provide details of its proposed $78 billion ($£48.3 billion) takeover of Rio Tinto within 11 days or face possible criminal prosecution.

Investors furious as BHP pulls plug on costly pursuit of rival Rio Tinto

BHP Billiton’s hostile pursuit of Rio Tinto, its mining rival, ended yesterday, bringing to a halt an extraordinary bonanza for advisers who have reaped more than £400 million in fees and other payments from the failed bid effort (see Commentary, facing page).

Rio Tinto upbeat on commodities as profits soar

Rio Tinto, the world's second largest miner, today revealed a 51.8 per cent rise in profit for the first six months of the year due to soaring commodity prices as it reiterated its rejection of BHP Billiton's offer for the group. However, shares in Rio Tinto fell 104p to £50.75 in early trading on concern that high commodity prices will begin decline.

Rio Tinto forced to delay $10bn asset sale$

Shares in Rio Tinto fell by nearly 10 per cent this morning after the global mining group said it would delay plans to sell $10 billion ($£5.74 billion) of assets amid the ongoing financial crisis.