Mining giant company BHP Billiton offered on May 30 to acquire all the outstanding shares of rival Rio Tinto.

The company has filed an official competition statement with the European Commission, which said that the body has until July 4 to make an initial ruling on the offer.

It may approve the acquisition outright or start an investigation that could take three or four months. BHP Billiton will also have to file competition statements in the United States, Australia, Canada and South Africa, but the EC review is considered to be the toughest.

BHP Billiton has already made two offers for Rio Tinto and seen them rejected. Both companies have significant diamond mining interests.

BHP Billiton has an 80 percent stake in the Ekati Mine in the Northwest Territories and Rio Tinto holds a 60 percent stake in the Diavik Mine in the Northwest Territories, as well as a 77.8 percent stake in the Murowa Mine in Zimbabwe and 100 percent of the Argyle Mine in Western Australia.

Credit is given to AFNS by Diamondtopics.com