BHP taps Citi coffers for Rio bid
(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.
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.
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