BHP Billiton Board To Meet In Melbourne Jan 30 

SYDNEY -(Dow Jones)- BHP Billiton Ltd.'s (BHP.AU) board will meet Jan. 30, shortly before the deadline for the group to formalize its US$111 billion offer for rival miner Rio Tinto, a person familiar with the situation said Tuesday.

The person said the board will hold its meeting in Melbourne, where the world’s largest diversified miner is headquartered.

The U. K. Takeover Panel has given BHP until Feb. 6 to make a formal offer for Rio Tinto or face having to wait six months before lodging another offer.

Rio Tinto has rejected BHP’s proposal of a three-for-one all share offer as too low, and BHP’s board could decide at next week’s meeting whether to lodge a bid on the current terms, up the offer, or walk away.

BHP Billiton, like many other companies, typically doesn’t disclose when its board meets. A spokeswoman for the resources giant declined to comment on when the board will meet.