September 24, 2008

Japan FTC Makes Public Order to BHP Billiton on Takeover

Tokyo, Sept. 24 (Jiji Press)--Japan's Fair Trade Commission on Wednesday made public an order to BHP Billiton to submit documents related to its planned takeover of rival major resources developer Rio Tinto.

The order, issued to BHP Billiton Chief Executive Officer Marius Kloppers, is set become effective on Nov. 6 under Japan's Antimonopoly Law.

The FTC made the public announcement after the Anglo-Australian firm refused to accept a letter from the FTC with an order to submit the documents.

FTC Secretary-General Takahide Matsuyama told a press conference that the FTC wants BHP Billiton to report its acquisition plan appropriately.

He also said that the FTC will proceed with its ongoing investigation into the takeover deal regardless of the submission of the documents.

In July, the antitrust watchdog launched an official investigation of the BHP Billiton-Rio Tinto deal under the Japanese law after BHP Billiton refused to cooperate in such procedures on a voluntary basis.

The two mining companies account for some 40 pct of global iron ore exports, while Japan relies on the two firms for about 60 pct of its total iron ore imports.END

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