(Bloomberg) -- Australian stocks rose to a record. Rio Tinto Group surged on speculation BHP Billiton Ltd., the world's biggest mining company, made a takeover bid for its smaller rival.
``A takeover by BHP is feasible given that both companies are closely affiliated with Australia, which would make it easier from a regulatory point of view,'' said Michael Birch, who helps manage $133 million at Wallace Funds Management in Sydney, including Rio Tinto and BHP shares.
Read more at Bloomberg Stocks News
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