The Business Online | Global Business News from a UK Perspective - thebusiness.co.uk
Surging economic growth in Asia sucked in commodities and turned every mine into a goldmine. Mining and metals groups raced to buy one another. The takeover frenzy culminated this autumn when Rio Tinto, having outbid US aluminium producer Alcoa to pay $38bn for Alcoa’s rival Alcan of Canada, itself received a $134bn hostile bid from arch-rival, BHP Billiton. Anti-trust authorities worldwide are lining up to hold reviews if BHP succeeds. Obligatory sell-offs would be a certainty.