8th Nov 2007 10:53
BHP Billiton PLC08 November 2007 NEWS RELEASE Release Time IMMEDIATEDate 8 November 2007Number 32/07 MARKET SPECULATION BHP Billiton notes the recent speculation in relation to a potential offer forRio Tinto at a premium. BHP Billiton now confirms that it recently wrote to the Board of Rio Tintooutlining a proposal in relation to a potential combination with Rio Tinto onterms incorporating a premium, reflecting its confidence in the benefits forboth sets of shareholders of such a transaction. In preparing its proposal, BHPBilliton has examined in detail the regulatory issues and other practicalitiesof a combination. In its letter, BHP Billiton sought to pursue discussions with Rio Tintoregarding its proposal. Rio Tinto rejected the proposal. BHP Billiton has again written to Rio Tinto and intends to continue to seek anopportunity to meet and discuss its proposal with Rio Tinto. There can be noassurance that any transaction or offer will result from BHP Billiton'sproposal. Further information on BHP Billiton can be found on our Internet site: http://www.bhpbilliton.com Australia United Kingdom Samantha Evans, Media Relations Andre Liebenberg, Investor RelationsTel: +61 3 9609 2898 Tel: +44 20 7802 4131 Mobile: +61 400 693 915 Mobile: +44 7920 236 974email: [email protected] email: [email protected] Jane Belcher, Investor Relations Illtud Harri, Media RelationsTel: +61 3 9609 3952 Tel: +44 20 7802 4195 Mobile: +61 417 031 653 Mobile: +44 7920 237 246email: [email protected] email: [email protected] United States South AfricaTracey Whitehead, Investor & Media Alison Gilbert, Investor RelationsRelations Tel: SA +27 11 376 2121 or Tel: US +1 713 599 6100 or UK +44 20 7802 4183UK +44 20 7802 4031 email: [email protected]: +44 7917 648 093 email: [email protected] Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of BHP Billiton or Rio Tinto, all "dealings"in any "relevant securities" of that company (including by means of an option inrespect of, or a derivative referenced to, any such "relevant securities") mustbe publicly disclosed by no later than 3.30 pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of BHP Billiton or Rio Tinto, they will bedeemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of either BHP Billiton or Rio Tinto by BHP Billiton or Rio Tinto, orby any of their respective "associates", must be disclosed by no later than12.00 noon (London time) on the London business day following the date of therelevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BHP Group