BHP Billiton has made the first move in a bid to create a natural resources giant and one of the world’s largest companies, with a takeover approach to its arch- rival Rio Tinto.

尽管必和必拓此次接洽（将收购力拓的价格定在688亿英镑(合1450亿美元)，其中不包括债务）立即遭到了拒绝，但外界认为，必和必拓为一次长期的行动做好了准备，同时分析师预计，如果必要的话，该公司可能转而进行敌意收购。 Although the approach – which valued Rio Tinto at ￡68.8bn ($145bn), excluding debt – was rejected out of hand, BHP is thought to be ready for a protracted¹ campaign and analysts² predicted it would go hostile if necessary.

如果这两家公司合并，将缔造全球最大的铁矿石、铜、铝生产商，并在煤炭、锌、钻石行业占据重要地位。合并后的公司将与钢铁行业的阿塞洛-米塔尔(Arcelor Mittal)一样成为行业霸主，其规模将比紧随其后的竞争对手高出数倍。

The combined entity³ would be the world’s biggest producer of iron ore, copper⁴ and aluminium⁵, and a major player in coal, zinc⁶ and diamonds. It would have the same dominance in the mining industry as Arcelor Mittal does in the steel industry, and would be several times bigger than its nearest rival.

必和必拓昨日表示，已就可能的出价致信力拓，提出以3股必和必拓股票交换1股的力拓股票——力拓称，这一出价较其周三收盘价43.50英镑有21%的溢价。必和必拓拒绝就其下一步举动发表置评。

BHP said yesterday it had written to Rio about a possible offer of three BHP shares for each Rio share – a 21 per cent premium⁷ to Wednesday’s closing price of ￡43.50, according to Rio. It refused to comment on its next move.

汤姆?艾尔巴尼斯(Tom Albanese)担任首席执行官的力拓回绝了上述接洽。该公司表示，经过“仔细考虑”，董事会的结论是：这一出价“大大低估了力拓的价值及其前景”。

Rio, led by chief executive Tom Albanese, rejected the approach. It said that after “careful consideration” the board had concluded the offer “significantly undervalues Rio Tinto and its prospects”.

熟悉力拓情况的人士昨日表示，上述出价“甚至都不接近”令该公司有兴趣与必和必拓达成友好交易的水平。“他们必须重新回来，拿出完全不同的出价。”

People close to Rio said yesterday that the offer “isn’t even close” to a level that would tempt⁸ the company into a friendly deal with BHP. “They would have to come back with a completely different offer.”