Our play on Rio Tinto is getting another boost today.
According to the Associated Press and a London Telegraph report, Blackstone is preparing another rival bid for Rio. This time, it could be a Chinese sovereign wealth fund doing the bidding.
"The Sinosteel bid on Midwest may have inspired another huge mining deal. Blackstone (NYSE: BX - news - people ), the U.S. investment fund giant, is reportedly in the middle of putting together a consortium that may include a Chinese sovereign wealth fund to mount a bid for Rio Tinto (nyse: RTP - news - people ), the Daily Telegraph said Monday.
"Blackstone believes Rio Tinto's iron ore operations are worth at least $110 billion, based on the valuation Sinosteel is placing on Midwest, the British newspaper reported, without citing any source.
"Speculation that Chinese companies might bid for Rio Tinto to counter BHP Billiton (nyse: BHP - news - people )'s unwelcome takeover proposal percolated vigorously until Baosteel Group last Thursday denied any plan to bid for the Anglo-Australian mining group."
Our shares are up 2.45% today on the news. And they're up about 12.4% since we added them to the Evergreen Portfolio.
Meanwhile, consolidation in the minerals and mining sector is getting white hot.
More to come,
James
Subscribe to:
Post Comments (Atom)
1 comment:
Hey all,
If your looking for a site with good investment and making money information check out:
www.investmentsforme.com
Post a Comment