BHP Billiton: Side-mined

BHP Billiton is in a bit of a fix. It looks like the clearest loser in rival Rio Tinto’s proposed $20bn cash boost from state-owned Chinese miner Chinalco. To start, BHP’s longstanding ambitions to take over rival Rio look all but dead. BHP withdrew an offer last year when the commodity cycle turned, but it has not lost interest. Takeover rules mean BHP can’t bid again until the end of the year. But even if BHP wanted to try and breakup Rio with a third party, it’s not clear who would be willin...