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SYDNEY, Australia — Rio Tinto rejected a sweetened formal offer from mining rival BHP Billiton on Wednesday, saying the all-shares offer worth $147.4 billion still did not reflect the value of the company and its prospects for expansion.
Rio Tinto, which had already rejected an initial approach from BHP Billiton last year as too low, said its boards were unanimous in turning away an offer that would have created the dominant global player in iron ore.
