The merger of the two largest mining companies in
2022-09-20- Detail
The merger of two major mining companies in Australia will be subject to China's antitrust review the antitrust application report submitted by Australian mining giant BHP Billiton for the US $140billion acquisition of another miner Rio Tinto can be seen from table 1. It was submitted to the Ministry of Commerce of China last month and will be subject to antitrust review by relevant Chinese departments. Luo Bingsheng, executive vice president of China Iron and Steel Industry Association, revealed on Friday that he had expressed his position on the merger of the "two development projects" to the Ministry of Commerce of China, that is, opposition. BHP Billiton has submitted applications to the United States, the European Union and China for the acquisition. Because China is one of the largest exporters of the "two development projects", the anti-monopoly review must be approved by China BHP Billiton, Rio Tinto and vale control more than 72% of the world's iron ore resources. Once the two companies are merged, the monopoly of the industry will become stronger. Luo Bingsheng pointed out that 40% of the iron ore imported by China each year comes from the "two development projects". (Jiao Likun)
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