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HONG KONG — Mining leader BHP Billiton abandoned its hostile bid to acquire Rio Tinto on Tuesday, citing turmoil in financial markets, uncertainty about the global economic outlook and regulatory concerns in Europe.
BHP’s bid for its Anglo- Australian mining rival was started a year ago and initially valued the smaller rival at $147 billion, which would have made it one of the biggest mergers ever.
The decision comes after months of steep declines in global stock markets. The price of many raw materials also has fallen amid expectations that slowing global economic growth will reduce demand for oil and metals. The Associated Press
