BHP racks up $450m costs in failed Rio bid
BHP Billiton has racked up costs of around $450m (£291m) over the last 18 months in relation to its aborted bid for Rio Tinto. The company said the bulk of the costs related to a $55bn (35bn) debt facility put in place to help finance the bid with most of the remainder paid out to legal and tax advisers. City law firm Slaughter and May is likely to have picked up the biggest share of the legal fees after being drafted in to advice the Australian mining giant on its hostile takeover bid with rival firms estimating the figure to be in the region of £5m.
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