Iron

BHP Billiton ( NYSE:BHP) and Rio Tinto (NYSE:RIO) scrapped their proposed $116 billion iron-ore joint venture as expected, caving in to opposition from regulators, steelmakers and major investors 16 months after unveiling the plan. The collapse of the deal marks top global miner BHP’s second failed attempt to grab a piece of Rio Tinto’s superior iron […]

BHP Billiton ( NYSE:BHP) and Rio Tinto (NYSE:RIO) scrapped their proposed $116 billion iron-ore joint venture as expected, caving in to opposition from regulators, steelmakers and major investors 16 months after unveiling the plan.

The collapse of the deal marks top global miner BHP’s second failed attempt to grab a piece of Rio Tinto’s superior iron ore assets in three years and puts its focus squarely on a $39 billion hostile bid for the world’s biggest fertiliser maker, Potash Corp.

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