Germany’s competition authority intends to prohibit a far-reaching iron ore joint venture by Rio Tinto and BHP Billiton, according to the two Anglo- Australian mining groups.
The move is likely to foreshadow a rejection of the venture by the European Commission, the body that is widely seen to have deciding power over a tie-up that would upend the status quo in the iron and steel industries.
The Bundeskartellamt, or German federal cartel office, did not issue a formal ruling on Thursday, rather it stated its “intention to prohibit” the venture.
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