(12 November 2007 – Australia) BHP Billiton has reportedly turned to Citigroup for the money to buy rival resources giant Rio Tinto.According to a report in the British media, BHP has organised a funding package worth US$70 billion to support its attempted US$140 billion takeover of Rio.
Rio initially rejected BHP’s all share offer last week but the board could be receptive to a higher offer – from BHP or elsewhere.
The market expects BHP to put more money on the table, which the Citigroup package would underpin.