Australian Regulator Sets New Date For Ruling On BHP, Rio Iron Ore JV

21st Jun 2010 02:26

MELBOURNE (Dow Jones)--Australia's competition regulator plans to announce its findings on the proposed iron ore joint venture between BHP Billiton Ltd. (BHP.AU) and Rio Tinto Ltd. (RTP) on July 22. The Australian Competition & Consumer Commission had suspended the timeline for its review while it awaited further information from the two miners on the deal, which sees the companies seeking to extract more than US$10 billion in synergies by combining their operations in the Pilbara region of Western Australia. On its website, the regulator said it had received the information it requested on June 9 and now expects to release its findings, originally due on February, on July 22. Clearance from the European Union's competition regulator has always been seen as the biggest potential hurdle to the joint venture, with ACCC approval expected to be easier to achieve given the Australian regulator had previously approved the full takeover by BHP of Rio, a deal that was later pulled. However, the potential areas of concern highlighted by the ACCC in a statement of issues on the deal in March suggested the regulator was planning a more searching examination of the deal than many had anticipated. -By Alex Wilson, Dow Jones Newswires: 613-9292-2094; [email protected] (END) Dow Jones Newswires June 20, 2010 21:26 ET (01:26 GMT)