German steelmakers ask EU to forbid BHP-Rio deal (RTP)

I like that word, forbid. Don't much care for the politics however.

From Reuters:

German steelmakers urged Brussels on Tuesday to block miner BHP Billiton's (BHP.AX) (BLT.L) planned takeover of rival Rio Tinto (RIO.AX) (RIO.L) that would create a $350 billion-plus industry giant.

"This merger between the iron ore market's world number two and three would further raise the pressure on iron ore prices. It would limit the steel industry's access to the raw material," German Steel Federation President Dieter Ameling said....MORE

From the Scotsman:
BHP faces backlash from steel giants over bid for Rio Tinto

BHP Billiton, the world's largest mining company, is losing the support of investors and steelmakers for its proposed $128 billion (£61bn) takeover of Rio Tinto Group, as the targeted giant mounts a fiercely argued case to go it alone

The hostile bid by chief executive officer Marius Kloppers has wiped out $32bn of market value at Melbourne-based BHP in two weeks, while angering customers including Posco, Korea's biggest steelmaker, and JFE Steel, ranked third worldwide.