Rio Tinto Denies Takeover Rumor

SYDNEY, Australia -- Rio Tinto PLC quashed market speculation it had received a takeover offer from larger rival BHP Billiton Ltd. after its share price surged yesterday amid rumors of an approach.

"Rio Tinto is not aware of a takeover approach from BHP Billiton," Rio Tinto said in response to a query from the Australian Stock Exchange after the close of trading.

Rio Tinto shares closed up 5.80 Australian dollars (US$4.80), or 6.5%, at A$95.50, after hitting a record A$99.69 in afternoon trading. Shares of BHP Billiton hit a record A$32.58 before finishing up 2.4% at A$31.93.

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