Banking News
- Bank denies buying into Rio Tinto
Date: 13-Nov-2007 Sources: (Shenzhen Daily)
CHINA Development Bank yesterday denied a British newspaper report that it had bought a small stake in Rio Tinto, which is the target of a hostile takeover bid by BHP Billiton.
'There is absolutely no such thing,'a spokesman said. The bank is one of China's three policy lenders that make loans explicitly in furtherance of government policies. The Sunday Telegraph newspaper said China Development Bank had taken a stake of less than 1 percent in Rio.
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