In its wake European stock markets also declinedReluctance to disburse 4 billion instead of the 2Three weeks after the announcement of the 4We must also be able to impose constraints to require us to actIn General I wish to stabilize the rules25 two years ago today that should be a floor Do not see a strategic change in arrivalForeigners hold a market share of only 2 of the sector to dateHell and PurgatoryThe devil is in the details6 in the second half of 2007 to the firstThe counter-attack of China on the front of the mining building is impressive. Here is a few days, pets of the mineral universe believed that this country was resigned to suffer the effects of giant mergers preparing. The Agreement sealed between Baosteel, the main Chinese steelmaker, and BHP Billiton to supply additional iron ore in the next 10 years had been interpreted as a kind of green light given by Beijing to the largest of these mergers, between BHP Billiton and Rio Tinto.
Redemption, Friday, Chinalco and Alcoa of 12 of Rio Tinto British entity has cleared a line for this scenario. China is now able to seriously threaten the proposed acquisition of Rio Tinto by BHP Billiton with a comprehensive 9 stake in Rio Tinto, provides a close percentage of 10 required to block a possible hostile on all of the capital of the group.
On the other hand, in agreements between the two anglo-australiennes companies (one in the United Kingdom and the other identical, Australia), it would be enough of a majority of 75 of the vote (on the condition that more than half of the total is expressed) to trigger the automatic acquisition of minority interests. BHP Billiton has never been mystery of its willingness to make a complete union with Rio Tinto. Therefore, it is unlikely that it agrees to deal with cumbersome shareholder, as Chinalco, even if the and Alcoa participation in the new company that would out of the marriage would not be that about 3.7 on the basis of parity of exchange of 3 stocks BHP Billiton by title Rio Tinto advanced far by BHP Billiton.
Everyone wondered about the real intentions of Chinalco. The spokesman for Rio Tinto confirmed yesterday at the "voices" that company officials had met those Chinese conglomerate by explaining that the meeting took place after the Friday announcement. No details on the content of maintenance was filtered. Until they see clear, President Chinese State group, Xiao Yaqing, attempts to reassure the authorities in Canberra by declaring that his country will not get its hands on Australian natural resources. He noted that, at this stage, "strategic" in Rio Tinto Chinalco investment was purely "financial" and that he does not view an attempted takeover of Rio Tinto. Xiao Yaqing also denied that the operation was inspired and driven by the Chinese Government. However, it is difficult to believe, on this point at least ("Les Echos" of yesterday).
But the Chinese are not limited to putting the stick in the wheel of BHP Billiton. Yesterday, the fourth exporter of iron ore, the Australian Fortescue Metals, whose action is the target of an intense and abnormal activity lately, said having confidential interviews with third parties likely to become its "strategic investors". The "south China morning post" newspaper cited China Investment Corporation and China Shenhua Group, the number a Chinese coal. Anglo American has sealed a strategic alliance with China Development Bank, the financier of Chinalco.
The second world producer of aluminum, Rusal Russian, who is preparing to give the assault on his compatriot Norilsk Nickel, has partnered with China Power Investment Corporation (CPI) to build two production units in China and in Guinea. Finally, Glencore has not denied the information assigning contacts with the ubiquitous Bank China Development for the possible sale of its 35 stake in Xstrata. If it is embodied, the Brazilian Vale, very interested in Xstrata, would, in turn, on his hunger.
