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Rio chief says BHP offer undervalues Rio assets

Sun Jun 15, 2008 11:15pm EDT

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SYDNEY, June 16 (Reuters) - Global miner Rio Tinto Ltd/Plc's (RIO.AX>(RIO.L) chief executive, Tom Albanese, said on Monday that rival BHP Billiton Ltd/Plc's (BHP.AX)(BLT.L) $180 billion-plus offer undervalued Rio's assets and prospects.

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"We remain confident that the medium- to long-term trend is for a sustained and substantial increase in demand for metals and resources," Albanese told an Australia-Israel Chamber of Commerce luncheon.

Rio has rejected the offer of 3.4 BHP shares for each Rio share as too low. (Reporting by James Regan, editing by Jim Thornhill and Mark Bendeich) (jim.regan@reuters.com; +61-2 9373-1814; Reuters Messaging: jim.regan@reuters.net))
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