CORRECTED - TIMELINE-Rio-BHP near iron ore tie-up

(Corrects second paragraph to show that there had been no indications of regulatory issues regarding Rio-BHP's planned iron ore joint venture, rather than that the European Commission had made no objections, as written previously)

Nov 26 (Reuters) - After two years of fractious negotiations and opposition from steelmakers and top consumer China, an iron ore tie-up between miners Rio Tinto (RIO.AX) (RIO.L) and BHP Billiton (BHP.AX) (BLT.L) is edging closer to reality. [ID:nSYD515277]

Rio and BHP, the world's second- and third-largest iron ore producers, had not received any indications that the two firms would face regulatory issues in plans to combine their Australian iron ore operations, a Rio executive said earlier this month. [ID:nSP72304]

Objections by the European Commission helped trip up BHP's hostile takeover bid for Rio a year ago.

The companies expect to meet a Dec. 5 deadline for a binding agreement on the joint venture, which should save around $10 billion a year on capital and production costs. The main submissions on the JV should then go to regulators by the year-end, BHP Chief Executive Marius Kloppers said on Thursday.

Some stakeholders fear a tie-up would be monopolistic, as, along with top iron ore miner, Brazil's Vale (VALE5.SA), the Anglo-Australian groups control about 70 percent of the globe's seaborne iron ore trade.

For iron ore producers/consumers FACTBOX, see [ID:nSP408660]

Following is a TIMELINE tracing the companies' attempts to merge over the last two years.

2007

Nov 8 - BHP, the world's biggest mining group, proposes to buy Rio through a 3-for-1 share swap. Rio shares soar 30 percent. Rio rejects the proposal as too low.

Nov 12 - BHP says takeover plan would result in $3.7 billion in synergies in seven years. Rio says the bid remains "well out of the ballpark".

Nov 14 - Aluminum Corp of China Ltd. (Chalco) (2600.HK) (601600.SS) says it is worried about BHP's bid.

Nov 20 - China's steel industry, the world's largest, is deeply concerned about proposed BHP-Rio merger. Eurofer, lobby group for the European steel industry, says it will ask the European Commission (EC) to block it.

Nov 26 - Debt-heavy Rio says it does not need BHP's offer, unveiling plans to double its iron ore output by 2018, raise its dividend and generate at least $15 billion in asset sales.

Nov 27 - Seven banks pledge to raise $70 billion of financing for BHP's planned bid.

Dec 4 - A Chinese newspaper says China's top steelmaker, Baosteel, may bid for Rio, but the firm later denies the report.

Dec 7 - Rio says it has had offers from other suitors, but is sticking with its independent growth strategy.

Dec 11 - Rio asks Britain's Takeover Panel to set a deadline under a "put up or shut up" rule, under which BHP has to formalise its bid or walk away.

Dec 21 - Britain's Takeover Panel imposes a Feb. 6 deadline for BHP to make a formal bid, or abandon the bid for six months.

2008

Jan 25 - Rio CEO reiterates BHP bid is too low, saying it was "two ballparks away" from fair value.

Feb 1 - Aluminum Corp of China (Chinalco) and Alcoa (AA.N) say they bought a 9 percent stake in Rio worth $14 billion. They say they do not currently intend to make an offer for Rio, but reserve the right to do so in the future.

Feb 6 - Rio rejects sweetened BHP $147.4 billion bid.

April 14 - Rio defends its BHP rebuff, saying it is better off riding China's commodities boom alone.

May 30 - BHP formally files its bid with the EC for clearance. Regulator sets July 4 deadline to consider the deal.

July 4 - EC opens in-depth investigation, issuing a tough statement that lists sweeping concerns. In September it sets a Jan. 15 deadline for its review.

Oct 1 - Australia's regulator clears BHP's bid, with no conditions. The next day, Rio says market turmoil has no impact on its rejection of BHP's offer.

Nov 4 - BHP says it has received a statement of objections from European regulators on Rio offer.

Nov 25 - BHP says it is dropping its Rio bid. [ID:nLP735505]

2009

June 5 - Rio dumps landmark $19.5 billion planned investment by Chinalco. Opts to raise $21 billion through a rights issue and joint venture with BHP. [ID:nSYD73514]

For a TIMELINE on China-Rio saga, see [ID:nSP313462]

June 9 - Japanese, Chinese and European steelmakers join forces to fight the Rio-BHP plan, while China calls for "a fully open international market". [ID:nSYD409717]

-- Eurofer says the jv poses competition issues, urges EU antitrust bodies to investigate. [ID:nL9580070]

June 12 - Australia's government gives cautious support for the jv, as a newspaper reports China had threatened sanctions against the two if the deal went ahead. [ID:nSYD460303]

June 17 - A senior Chinese official from the Ministry of Industry and Information Technology (MIIT) says proposed jv has "a strong monopolistic flavour", and Chinese firms are actively seeking ways to cope with it. [ID:nSYD417400]

Oct 15 - Rio and BHP say they have scrapped plans to co-market iron ore from the proposed jv. [ID:nSYD270273]

Oct 22 - BHP chairman says jv is on track. [ID:nSYU008929]

Nov 9 - Rio and BHP have not received any indications the EC will block the deal, says the head of Rio's iron ore division.

Nov 26 - BHP dismisses talk that Rio is baulking at the proposed $116 billion jv, says they are close to a binding agreement, which is due to be signed by Dec. 5. [ID:nSYD515277]

Source: Reuters (Reporting by Eric Onstad; Editing by Ian Geoghegan and Jon Loades-Carter) ((eric.onstad@reuters.com; +44 20 7542 7093; Reuters Messaging: eric.onstad.reuters.com@reuters.net)) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)