Word: billiton
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...tracking Taiwanese indices—reversing its earlier decision to sell the two million shares it had in the fund as of last September. Other investments of note include over $55 million in an ETF tracking Russian indices, and multi-million dollar repurchases of shares in mining giant BHP Billiton and oil and gas producer China National Offshore Oil Corporation. While the value of Harvard’s equity investments has increased, it remains modest compared to where it stood last September, when the University had nearly $3 billion invested in 213 public equity holdings. Jane Mendillo, president...
...walked away in June from a $19.5 billion tie-up it had struck late last year with Chinalco, the Chinese state-owned aluminum company. To make matters worse, from Beijing's perspective, Rio then turned around and agreed to a joint venture in iron ore with global rival BHP Billiton. Together the two control about 75% of the world's iron ore, which China's steelmakers consume ravenously. "That deal is China's worst nightmare," says an investment-banking source with close ties to the global mining industry. (See pictures of China's infrastructure boom...
...China's second tack is to prolong negotiations over the contract price of iron ore with the two main suppliers, hoping to wear them down while frantically moving to line up other potential sources beyond Rio and BHP Billiton for next year and beyond. China is the world's largest steel producer, and despite the global recession, its factories are running close to flat-out thanks to enormous infrastructure construction and brisk sales for new autos and apartments. That means it would appear to have little leverage in pursuit of the price cuts on iron ore that it seeks...
...there are different kinds of leverage. In June, when Rio and BHP Billiton announced their intention to form a joint venture, a Ministry of Commerce spokesman in Beijing said the proposal had "the obvious color of monopoly." China implemented a new antitrust law last year and has already used it once to block a high-profile foreign acquisition in China - Coca-Cola's planned buyout of juicemaker Huiyuan. The fact that the proposed Rio-BHP Billiton deal doesn't involve a Chinese firm is irrelevant. China's antitrust regulators have the same right to review the plans of two global...
...Ministry of Commerce was just venting after the Chinalco deal failed. But a banking source with close ties to the Australian mining industry says that perception is wrong. "The antitrust review is real, and right now if I had to bet, I'd bet that [the Rio-BHP Billiton iron-ore tie-up] doesn't happen. The Chinese are going to block...