Xstrata says BHP move on Rio to spur more mergers
JOHANNESBURG |
JOHANNESBURG (Reuters) - The chief of mining group Xstrata Plc (XTA.L) said on Wednesday BHP Billiton's (BLT.L) (BHP.AX) move to acquire rival Rio Tinto (RIO.L) (RIO.AX) is likely to lead to another wave of mergers in the sector.
"Whether that transaction goes through or not, time will tell. It certainly, I think, has created another new dynamic and momentum for consolidation in the industry," Chief Executive Mick Davis told an investor presentation and conference call.
"I think we are the most perfectly positioned company in the industry, the company which is going to benefit from consolidation in any way that it actually transpires."
(Reporting by Eric Onstad, editing by Will Waterman)
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