A consortium led by investment group Blackstone and thought to include China's sovereign wealth fund is planning to bid for mining giant Rio Tinto, according to a report by UK newspaper The Daily Telegraph.
BHP Billiton recently made a US$140bn bid for the company, which was rejected.
According to the report, Blackstone believes Rio's key iron ore operations alone are worth at least US$110bn.
If successful, Blackstone is likely to break up Rio Tinto, including undoing the company's merger with aluminium producer Alcan, which was finalised earlier this year.
By staff writer
