A major regulatory obstacle to BHP Billiton's takeover bid for fellow Australian mining giant Rio Tinto was removed today by the Australian Competition and Consumer Commission (ACCC).
The announcement to create the world's largest diversified miner, was made last November. The combined entity would have a market capitalization of approximately $360 billion, controlling more than a third of the global iron ore market.
The deal, however, must pass one more antitrust test from the European Commission; the body is due to make its ruling on Jan. 15 of next year.
> Takeover timeline [Guardian]
> Mining Firms Bulk Up, Echoing Big Oil Mergers [WSJ; subscription required for full text]
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