It is a $116bn question that lawyers for Rio Tinto and BHP Billiton would like to have answered in the affirmative: is there any way that a joint venture representing about 30 per cent of a given market's output does not influence prices in that market to the detriment of consumers?
The latest setback for the two companies' proposed Australian iron ore joint venture came yesterday when the Australian competition authority extended its probe into the tie-up for the second time after flagging further concerns last week.
The venture is facing scrutiny from watchdogs around the world, notably the European Commission and the Japan fair trade commission, which are reviewing strident points of opposition to the joint venture from steel producers.
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