EUROFER claims victory upon BHP Billiton’s step back from Rio Tinto takeover

Wednesday, 26 November 2008 09:18:10 (GMT+3)   |  
       

The European Confederation of Iron and Steel Industries (EUROFER) has announced that it welcomes the decision of BHP Billiton to step back from its bid to take over fellow miner Rio Tinto.

Commenting on BHP Billiton's decision, EUROFER Director General Gordon Moffat said, "The objections made by the European Commission on the basis of our concerns have finally forced BHP to withdraw from its proposed merger with Rio Tinto. We could not see how any remedies would have been sufficient to make this merger work. The degree of concentration and control of the market was simply too great."

EUROFER for more than one year now has been stating that it could not accept a merger of two of the three mining companies which dominate almost 75 percent of the world market for seaborne iron ore. The proposed merger between the number two and three in the global iron ore business would have given the combined company a market share of almost 40 percent of the seaborne iron ore market, while Brazilian miner Vale (Companhia Vale do Rio Doce) already accounts for more than 33 percent.


Similar articles

Major steel and raw material futures prices in China - March 29, 2024

29 Mar | Longs and Billet

Iron ore prices drop by over $9/mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News