8th Nov 2007 11:26
Rio Tinto PLC08 November 2007 Rio Tinto rejects approach from BHP Billiton Rio Tinto notes the recent announcement from BHP Billiton involving a proposedacquisition of Rio Tinto. Under this proposal each Rio Tinto share would beexchanged for three BHP Billiton shares. The Boards of Rio Tinto have given the proposal careful consideration andconcluded that it significantly undervalues Rio Tinto and its prospects.Accordingly, the Boards have unanimously rejected the proposal as not being inthe best interests of shareholders. Rio Tinto will continue to focus on the implementation of its well articulatedstrategy, including integrating Alcan operations. About Rio Tinto Rio Tinto is a leading international mining group headquartered in the UK,combining Rio Tinto plc, a London listed company, and Rio Tinto Limited, whichis listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining, and processing mineral resources. Majorproducts are aluminium, copper, diamonds, energy (coal and uranium), gold,industrial minerals (borax, titanium dioxide, salt, talc) and iron ore.Activities span the world but are strongly represented in Australia and NorthAmerica with significant businesses in South America, Asia, Europe and southernAfrica. For further information, please contact: Media Relations, London Media Relations, Australia Ian HeadNick Cobban Office: +61 (0) 3 9283 3620Office: +44 (0) 20 8080 1305 Mobile: +61 (0) 408 360 101Mobile: +44 (0) 7920 041 003 Amanda Buckley Office: +61 (0) 3 9283 3627 Mobile: +61 (0) 419 801 349 Investor Relations, London Investor Relations, AustraliaNigel Jones Dave SkinnerOffice: +44 (0) 20 7753 2401 Office: +61 (0) 3 9283 3628Mobile: +44 (0) 7917 227 365 Mobile: +61 (0) 408 335 309 David Ovington Investor Relations, North AmericaOffice: +44 (0) 20 7753 2326 Jason CombesMobile: +44 (0) 7920 010 978 Office: +1 (0) 801 685 4535Email: [email protected] Mobile: +1 (0) 801 558 2645 Website: www.riotinto.com High resolution photographs available at: www.newscast.co.uk This announcement is being made without the agreement or approval of BHPBilliton. A further announcement will be made as and when appropriate. There canbe no certainty that any offer will be made nor as to the terms on which anyoffer may be made. Dealing Disclosure requirements Under the provisions of Rule 8.3 of the United Kingdom's Code on Takeovers andMergers (the "Code"), if any person is, or becomes, "interested" (directly orindirectly) in 1 per cent. or more of any class of "relevant securities" of RioTinto (the "Company"), all "dealings" in any "relevant securities" of theCompany (including by means of an option in respect of, or a derivativereferenced to, any such "relevant securities") must be publicly disclosed by nolater than 3.30 p.m. (London time) on the London business day following the dateof the relevant transaction. This requirement will continue until the date onwhich the offer becomes, or is declared, unconditional as to acceptances, lapsesor is otherwise withdrawn or on which the "offer period" otherwise ends. If twoor more persons act together pursuant to an agreement or understanding, whetherformal or informal, to acquire an "interest" in "relevant securities" of theCompany, they will be deemed 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 BHP Billiton or of the Company by BHP Billiton or the Company, 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:
Rio TintoBHP Group