Merger of BHP Billiton, Rio Tinto approved in Australia

By Lisa Kerner

Charlotte, N.C., Oct. 2 - The Australian Competition and Consumer Commission does not object to BHP Billiton Ltd.'s proposed acquisition of Rio Tinto Ltd., it was reported in a form 6-K filed with the Securities and Exchange Commission.

The U.S. Department of Justice said in July that it would not oppose the transaction.

Also in July, the European Commission opened a detailed investigation under the EU Merger Regulation into the proposed merger, it was previously reported.

The commission has until Nov. 11 to decide whether the merger impedes effective competition within the European Economic Area or a substantial part of it, a commission news release said.

"We have long believed in the benefits of the combination of BHP Billiton and Rio Tinto," BHP Billiton chief commercial officer Alberto Calderon said in the filing. "Our strategic rationale has always been based on the combined company having an incentive to produce more product, more quickly, to deliver to customers."

In BHP Billiton's offer for the company, Rio Tinto shareholders would receive 3.4 BHP Billiton shares for each Rio Tinto share.

Rio Tinto is a mining group based in London.

Melbourne, Australia-based BHP Billiton engages in the extraction and processing of minerals, oil and gas primarily in Australia, Latin America and southern Africa.

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