New York City it is more readings or other Conversations withCruel dilemmaWho sows the wind harvest stormIts application will therefore differentiated according to the caseThe directive has provided a number of criteriaThis silent revolution occurred between 2001 and 2005The American goddaughterMovement is evidence by walkingAnd marriage missed between AOL and Time Warner became the case to avoidDo not rely in the absence of election posters4 billion gain realized by Jérôme Kerviel in 2007However two days Ségolène Royal shellsPaul Skinner, President of Rio Tinto, said it this weekend in a letter to shareholders: the proposal for redemption formalized by rival BHP Billiton, although identified by report in its first draft, "underestimates still in significant proportions" of the assets of high quality of its group and its potential. That is, he continued, the and only one because of the unanimous rejection of the offer of 3.4 BHP Billiton for each Rio Tinto shares. "Our plans have not changed." "They will remain the same both that no proposal reflecting the value of Rio Tinto will not be made", he continued.
In addition, argues Paul Skinner, "the announcement of BHP Billiton does not correspond to a firm offer". "BHP Billiton is merely to express his intention to make a formal proposal if certain preconditions are met," he said. Before formally declaring his irrevocable interest in Rio Tinto, BHP Billiton must obtain the regulatory approvals on the part of authorities of competition and State agencies monitoring foreign investment.
Has Paul Skinner, however, these green lamps could not reach the end of 2008. The President of Rio Tinto also points out that, even if obtaining these approvals, "BHP Billiton offer would subject to additional conditions".
Conclusion: Rio Tinto shareholders are invited to take initiative at this stage. Despite the firmness displayed, the message of Paul Skinner does not constitute a bar. Almost exclusively focus very inadequate valuation of the assets of Rio Tinto by BHP Billiton shows that the direction of the first does not dispute the industrial rationality of the proposed merger. Several analysts believe that a close parity of 4 BHP Billiton shares per share Rio Tinto (example 3.7 or 3.8) might suffice to bend the direction of the latter.
Publication of accounts 2007
To convince its shareholders of the merits of his line of defence, the top management of Rio Tinto is Overdrive on organic growth and the redefinition of its perimeter. These days, so he part of the discovery of 3 million additional tons of iron ore resources in Australian mining area of Pilbara. He communicated with emphasis on the arrival of 10 new generation locomotives to tow the convoys of ore on the 1,300 km from the Rio Tinto railway line, which carries the Pilbara iron ore to the commercial port of Dampier.
With the appointment of David Smith, currently in charge of the Pilbara operations, at the head of the project in Guinea Simandou iron ore, Rio Tinto announced that the pre-feasibility study was well advanced with the objective to extract, as a first step, 70 million tonnes of ore per year, then 170 million. At the same time, Rio Tinto might announce tomorrow, on the occasion of the publication of its annual accounts, the acceleration of its transfers of $ 30 billion plan to reduce the debt of $ 40 billion to buy Alcan. The lead mine, zinc and gold from Greens Creek, Alaska, would be concerned. The market anticipates publication of a net profit 2007 of the order of US $ 7.1 billion, amounting to near record of 2006.
