BHP Biliton and Rio Tinto have decided to mutually scrap the $116 billion joint venture deal with no break fee to be paid. This is BHP's second failed attempt to capture some of Rio Tinto's iron ore assets in three years. Now the focus will be all on BHP's $39 billion bid for Potash Corp.
The deal between BHP and Rio Tinto was supposed to result in a $10 billion savings for the companies. However, due to strong opposition from regulators, steelmakers, and major investors, the deal fell through.
Rio Tinto is engaged in metal and mineral production. BHP Biliton is a diversified natural resource company.
