中文简体 | 中文繁体 | Партнеры | 日本語 | 한글
your position :English > News  content
China's anti-monopoly law "might apply" in Rio, BHP deal: Commerce Ministry
http://english.dbw.cn銆€銆€ 2009-06-16 12:56:23
 
-Commendatory News-
Earth Hour Copenhagen held to raise awareness of climate change
Wing-body fairing made in Harbin flew for the first time with Boeing 787
Hundred-year landmark building in Shanghai renovated to greet Expo
The 6th Lanxi Linen Product Order was opened
Official alarms rapid cultural sites missing
   China's Ministry of Commerce (MOC)said Monday that if the revenue of the joint venture of Rio Tinto and BHP Billiton reached "a certain amount," China's anti-monopoly law would apply.

    Rio Tinto scrapped a proposed 19.5-billion-U.S.-dollar investment by Aluminum Corp. of China, or Chinalco, on June 5, and turned to rival BHP Billiton, which would pay Rio Tinto 5.8 billion U.S. dollars to set up a joint venture to run the iron ore resources of both companies in west Australia.

    "As the world's second- and third-largest iron ore suppliers, exports of the two mining giants comprise 80 percent of exports from Australia, or 36 percent of the world's total," MOC spokesman Yao Jian told reporters.

    "Their tie-up will certainly affect global supply. It is reasonable that China, the world's biggest iron ore importer, is concerned about it," he said. "If their revenue reaches certain amount, Chinese anti-monopoly law will apply."

    China's anti-monopoly law requires a company to get government approval before consolidation if its global revenue exceeds 10 billion yuan (1.47 billion U.S. dollars) and its revenue in China exceeds 2 billion yuan.

    An anti-monopoly review is also necessary if two or more parties in the company had more than 400 million yuan of revenue in China in the previous fiscal year.

    According to the London-based Iron and Steel Statistics Bureau, the two mining giants exported 270 million tonnes of iron ore in 2008, of which 70 percent went to China. That comprised half of China's imports.

    In the year ended 30 June, BHP Billiton's revenue in China was 11.7 billion U.S. dollars, while that for Rio Tinto was 10.8 billion U.S. dollars, according to the companies' websites.

    Yao said the ministry had not received an application from either firm.

    It was unclear what actions China would take if the case was determined to be covered by the Chinese anti-monopoly law.

Author锛? 銆€銆€銆€Source锛? xinhua 銆€銆€銆€ Editor锛? Yang Fan
Photos锛?
Related Stories锛?
South China Sea fishing ban "indisputable": foreign ministry spokesman
China opposes honorary Paris citizenship for Dalai Lama: Foreign Ministry
Ministry to impose anti-dumping measures on BDO imports from Taiwan, Saudi Arabia
Chinese Health Ministry reacts to first A/H1N1 case confirmed in HK
Functional Information锛?
Tourist products presented in SW China's Guizhou
HAFEI Unveils Its Electric Car Model
Bio-tech Park Jointly Built by Government and University
Harbin Prepares for Winter Trade Fair
Cell-phone Long Distance Fees to Fall in January
 
Latest News
HLJTV English News 18/12
Rub Elbows 浜ら檯
璐瘜宸窛鎬庝箞璇?/a>
China Ice Sculpture Art Festival in Berlin
'Army Painter' marshals forces of modern calligraphy
Feature: First complete Christmas like a fully decorated tree
Intoxicating view of Shangri-la
Pandas to be seen at Shanghai Expo
Colorful globes in Copenhagen
Earth Hour Copenhagen held to raise awareness of climate change
Culture
     Blue printed cloth is a kind of civil society has been widely popular
     Dancers perform in the Song and Dance Pageant on Affection
China Ice Sculpture Art Festival in Berlin
'Army Painter' marshals forces of modern calligraphy
Feature: First complete Christmas like a fully decorated tree
Tibean Epic Poem Belongs to All Mankind
Poetic snapshots combine words and photographic images
Cuisine
Weight Loss, More than Just Fashion
Celebrities
Ma Yun
Wang Zhizhen
Chen Zongxing
Copyright © 2001-2011 DBW.CN All Rights Reserved.