BHP Billiton calls off bid for Rio Tinto

Source: Reuters

Date :25/11/2008 08:00:13

Global miner BHP Billiton called off its $58 billion (38 billion pound) bid for rival Rio Tinto on Tuesday, citing worsening market conditions and demands for asset sales from European regulators.

BHP Billiton said the European Commission wanted divestments in both iron ore and coal as a condition of the deal.

Iron ore was one of the main reasons behind BHP's audacious bid, which ranked as one of the world's top-three takeovers in history when launched last year, ahead of a dive in metal prices.

(Reporting by James Regan, editing by Mark Bendeich)

SYDNEY (Reuters)