Huge excitement just broke out on the London stock market after BHP Billiton revealed that it has offered to buy its rival Rio Tinto, in what would be one of the biggest takeovers ever.
Although the approach has been rebuffed, the world's biggest mining company isn't giving up.
" BHP Billiton has again written to Rio Tinto and intends to continue to seek an opportunity to meet and discuss its proposal with Rio Tinto," it said
Rio's shares are up by 23% at £53.37, having closed at £43.50 yesterday. BHP are also up 6%, at £18.58. This has sent the FTSE soaring into positive territory.
There's been persistent rumours in the market that BHP has been working on a huge takeover offer. We've heard that the bid could be as high as £55.
Much more on this to follow....
