Rio Tinto has rejected a reported $147 billion buyout offer from larger rival BHP Billiton, which made its second offer for the company. "As you know, we recently received a pre-conditional offer from BHP Billiton to acquire all of the shares in Rio Tinto," Rio Tinto Chairman Paul Skinner said in a press release issued on Wednesday as part of its earnings statement. "After careful consideration, our boards have unanimously rejected the offer on the basis that it is not in the best interests of shareholders. BHP Billiton's offer, while improved, still fails to recognize fully the underlying value of Rio Tinto's quality assets and prospects."

Read Full Story