Watchdog begins review of BHP's Rio bid

THE Australian Competition and Consumer Commission says it has received a submission from BHP Billiton allowing it to begin reviewing BHP’s $A177 billion proposed takeover of arch-rival Rio Tinto.
Watchdog begins review of BHP's Rio bid Watchdog begins review of BHP's Rio bid Watchdog begins review of BHP's Rio bid Watchdog begins review of BHP's Rio bid Watchdog begins review of BHP's Rio bid

 

Staff Reporter

In a statement released Friday, the ACCC said it would assess the acquisition in accordance with its Merger Review Process Guidelines and section 50 of the Trade Practices Act.

The ACCC also said it would also invite comment from participants in the mining industry, their customers and other interested parties over the proposed merger.

Information on the main issues to be addressed will be available early this week on the ACCC’s website, through the public registers link to the ACCC’s mergers and acquisitions register.

Written submissions should be sent to the ACCC by July 1.

The news comes after BHP formally filed its application to acquire Rio with the European Commission.

However, BHP’s application has been opposed by European steel groups including Eurofer, the European Confederation of Iron and Steel Industries, which believes a merger will see reduced competition in the industry and stronger price controls from the merged entity.

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