Vedanta Resources PLC Pulls Out of Bidding for Rio Tinto PLC's Canadian Iron Ore Assets-DJ

Dow Jones reported that Vedanta Resources Plc has pulled out of the bidding for the iron-ore assets of Rio Tinto PLC, a person familiar with Vedanta's thinking told The Wall Street Journal. Since early this year, Rio Tinto has been trying to sell all or part of its 59% stake in the Iron Ore Co. of Canada, according to other people familiar with the matter. The stake is estimated to be worth around $4 billion. A first round of bids has already been submitted and bidders include commodities major Glencore Xstrata PLC and private-equity firm Blackstone Group LP, people familiar with the matter had told The Wall Street Journal in May. Vedanta, which had shown interest in these assets in March, has backed off because the acquisition would add to the company's financial burden.