ACCC receives submission, begins review of BHP Billiton's proposed acquisition of Rio Tinto

The Australian Competition and Consumer Commission today received a submission from BHP Billiton Ltd that enables it to commence market inquiries into its proposed acquisition of Rio Tinto Ltd and Rio Tinto plc, ACCC Chairman, Mr Graeme Samuel, said.

The ACCC will assess the proposed acquisition in accordance with its Merger Review Process Guidelines and section 50 of the Trade Practices Act 1974 and invites comment from other participants in the mining industry, their customers and other interested parties.

Information on the main issues that the ACCC will be addressing will be available early next week on the ACCC's website, through the Public Registers link to the ACCC's mergers and acquisitions register.

Written submissions should at this stage be provided to the ACCC by 1 July 2008. Submissions can be sent by email to the ACCC at: mergers@accc.gov.au. The ACCC will also be seeking talks with industry participants over the coming weeks.

Background

Section 50 of the Trade Practices Act 1974 prohibits acquisitions which would have the effect, or be likely to have the effect, of substantially lessening competition in a substantial Australian market.