Faced with an increasingly deteriorating global market, mining giant BHP Billiton has finally abandoned its acquisition of rival Rio Tinto. BHP Billiton stated that the acquisition would no longer bring the greatest benefit to the company's shareholders.
"Our basic views on the long-term vision of mergers or the demand for natural resources driven by developing countries have not changed; we are concerned about the worsening economic situation in the near term," Chairman Don Argus mentioned in a statement.
BHP Billiton originally planned to acquire Rio Tinto by exchanging 3.4 shares of BHP Billiton for 1 share of Rio Tinto. This plan had already cleared obstacles in South Africa, and previously, Australia and the United States had approved this acquisition plan. The relevant anti-monopoly agencies of the EU were also expected to rule on the acquisition case before January 15th next year.