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BHP taps Citi coffers for Rio bid

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.
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