Commodities & Metals
BHP Billiton (BHP) And Rio Tinto (RTP) Lose 10% Of Their Values
Published:
Shares in BHP Billiton (BHP) and Rio Tinto (RTP) both lost over 10% of their market caps in Europe trading today. For BHP that is almost $18 billion and for RTP is it almost $12 billion.
The stocks sold off more than most others. A recession could push the value of commodities off a cliff, hurting the pricing leverage of mining companies. BHP is talking about putting on huge debt to takeover RTP.
Rio’s shares are up 80% over the last year, making them especially vulnerable to a sell-off. BHP’s are up about 60%.
It might be a good time to bet against the merger.
Douglas A. McIntyre
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