The world's top miner BHP Billiton said on Tuesday that it is dropping its proposed $US66 billion ($101 billion) hostile takeover of rival Rio Tinto, citing worsening market conditions and European regulator's demands it sell prized iron ore and coal assets.
Following is a chronology of the long-talked-of bid, which would have created the world's biggest mining force.
-- November 8, 2007 - BHP, the world's biggest mining group, proposes to buy Rio through a three-for-one share swap. Rio shares soar as much as 30%. Rio rejects the proposal as vastly undervaluing the firm and its prospects.
-- November 12 - BHP says takeover plan would result in $US3.7 billion in synergies in seven years. It promises to hand $US30 billion to shareholders via a share buyback if deal goes through. Rio says the bid remains ``well out of the ballpark''.
-- November 14 - Aluminum Corp of China Ltd. (Chalco) says it is worried about BHP's bid.
-- November 20 - China's steel industry, the world's largest, is deeply concerned about proposed BHP-Rio merger, a Chinese state newspaper reports. Eurofer, the lobby group for the European steel industry, says it will ask European Commission to block it.
-- November 26 - Rio says it does not need BHP's offer, unveiling plans to double iron ore output by 2018, raise its dividend and generate at least $US15 billion in asset sales.
-- November 27 - Seven banks pledge to raise $US70 billion of financing for BHP's planned bid.
-- December 4 - A Chinese newspaper says China's top steelmaker, Baosteel, may bid for Rio, but later the firm denies the report.
-- December 7 - Rio says it has had offers from other suitors, but has not engaged with them and is sticking with its independent growth strategy.
-- December 11 - Rio asks Britain's Takeover Panel to set a deadline under its ``put up or shut up'' rule, under which BHP has to formalise its bid or walk away.
-- December 21 - Britain's Takeover Panel imposes Feb. 6 deadline for BHP to make a formal bid, or abandon bid for six months.
-- January 25, 2008 - Rio CEO reiterates BHP bid is too low, saying it was ``two ballparks away'' from fair value.
-- February 1 - Aluminum Corp of China (Chinalco) and Alcoa say they bought a 9 percent stake in Rio worth $US14 billion. They say they do not currently intend to make an offer for Rio, but reserve the right to do so in the future.
-- February 6 - Rio Tinto rejects sweetened BHP $US147.4 billion takeover bid.
-- April 14 - Rio defends its rebuff of unwanted suitor BHP, saying it is better off riding China's commodities boom alone.
-- May 30 - BHP formally files its bid for Rio with the European Commission for clearance. The regulator sets a July 4 deadline for consideration of deal.
-- July 4 - European Commission opens in-depth investigation into the deal, issuing a tough statement that lists sweeeping concerns. In Sept. it sets a Jan. 15 deadline for its review.
-- October 1 - Australia's regulator clears BHP's takeover offer merger with no conditions. The next day Rio says market turmoil has no impact on its rejection of BHP's offer.
-- November 4 - BHP says it has received a statement of objections from European regulators on Rio offer.
-- November 25 - BHP says it is dropping bid.
Reuters
