MELBOURNE, July 7 (Reuters) - The Australian Competition and Consumer Commission has again postponed its decision on the proposed $116 billion iron ore joint venture between BHP Billiton and Rio Tinto, with no new date given.
The commission had been due to complete its review on July 22, but said on Wednesday it was suspending its timeline on the request of the two companies as they wanted to submit more information.
The ACCC said on its website it would announce a new date in due course.
The commission has been reviewing the joint venture since December and had first planned to hand down its decision in February, but extended the review after Australia's top steel maker BlueScope Steel raised concerns about the plan by the world's second- and third-largest iron ore miners.
Analysts expect the commission to approve the merger but see regulators in Europe as a much bigger obstacle to the joint venture, which is expected to generate more than $10 billion in savings for the two companies.
(Reporting by Sonali Paul; Editing by Michael Perry)
((sonali.paul@thomsonreuters.com; +61 3 9286 1419; Reuters Messaging: sonali.paul.reuters.com@reuters.net)) Keywords: BHP RIO/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The commission had been due to complete its review on July 22, but said on Wednesday it was suspending its timeline on the request of the two companies as they wanted to submit more information.
The ACCC said on its website it would announce a new date in due course.
The commission has been reviewing the joint venture since December and had first planned to hand down its decision in February, but extended the review after Australia's top steel maker BlueScope Steel raised concerns about the plan by the world's second- and third-largest iron ore miners.
Analysts expect the commission to approve the merger but see regulators in Europe as a much bigger obstacle to the joint venture, which is expected to generate more than $10 billion in savings for the two companies.
(Reporting by Sonali Paul; Editing by Michael Perry)
((sonali.paul@thomsonreuters.com; +61 3 9286 1419; Reuters Messaging: sonali.paul.reuters.com@reuters.net)) Keywords: BHP RIO/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.