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BHP, Rio Scrap Ore Venture as Regulators Seek Changes

BHP Billiton Ltd. and Rio Tinto Group abandoned a plan to create the world’s largest iron-ore exporter after regulators from Europe and Asia were concerned it would limit competition.

The changes, including asset sales, demanded by regulators were unacceptable to both companies, London-based Rio said today in a statement. Melbourne-based BHP confirmed the end of the deal to combine the two companies’ mines, railroads and ports in Australia’s remote Pilbara region in a separate statement.