BHP Billiton, Rio Tinto sign Europe contracts
Australian BHP raised European iron ore contracts price in a small range little, instead of great extent in Asia. The reason is that the European Commission considers its US$165 billion hostile takeover bid for Rio Tinto, which is the biggest rival of BHP.BHP Billiton is said to have accepted the same 71 percent price rise as Brazil's Vale, and takeover target Rio Tinto confirmed it has settled its iron ore contracts. But BHP didn't confirm this report yet.The European Commission worried that a BHP-Rio merger could dominate the world's iron ore market. It's ready to hand down its decision on the proposed takeover in mid-December.
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