MELBOURNE, Australia (AP) -- A BHP Billiton Ltd. executive said the world's largest miner will submit its first paperwork with European Union regulators regarding its planned takeover of rival Rio Tinto Ltd. within weeks.
BHP Billiton Chief Executive Marius Kloppers told a briefing in London on Wednesday that the company was in continual discussions with regulators and would lodge documents within weeks.
The Anglo-Australian company will lodge the application with the European Commission, the European Union's antitrust regulator, which will also take filings from steel makers.
''It is not months, it is weeks, it is just a process thing,'' BHP Billiton chief commercial officer Alberto Calderon said.
BHP Billiton in February made a hostile, all-equity bid, then valued at US$147.4 billion, for Rio Tinto. That offer is contingent on regulatory approval in Europe, Australia and elsewhere.
Based on BHP Billiton's closing share prices in Sydney and London on Wednesday, the offer would now be worth about US$170 billion (euro110 billion).
BHP Billiton is offering 3.4 BHP shares for every Rio Tinto share, and the offer value fluctuates with BHP's share prices. BHP Billiton initially offered 3 BHP shares for every Rio Tinto share in November of last year.
Rio Tinto says BHP Billiton would have to raise its already-sweetened takeover offer to lure the takeover target into talks.
BHP Billiton and Rio Tinto are both listed and trade on exchanges in London and Sydney.
The European Commission is expected to look closely at the influence a combined BHP-Rio would have on the seaborne iron ore market. Iron ore is a key ingredient in steel making, and steel manufacturers oppose the merger.
