China likely to make rival bid for Rio Tinto

According to reports across various Chinese media, Chinese steelmakers are indicating interest in making a rival bid to acquire Rio Tinto; competing against BHP Billiton’s $350 billion offer. The website news.com.au said that China's leading steelmaker, Baosteel is keen in the bid. It also quoted a representative of Shougang, China's fourth largest steelmaker stating that Chinese steelmakers may cone together to launch a bid, although Shougang's General Manager, Tan Yixin, denied participation in the bid. Possibilities of the Chinese rival bid also came stronger as China Business weekly reported that the sovereign wealth fund China Investment may collaborate with Chinese steelmakers for the offer.