BHP Billiton refuses to comment on bid rumour

Mining behemoth BHP Billiton could be ready to make a $55 a share cash offer for Alabama-based 'pure play' metallurgical coal producer Walter Energy, according to the Daily Mail market report.

However, when contacted BHP remained tight-lipped, a spokesperson said: "It is market speculation and not something we care to comment on."

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Chairman Jac Nasser said that financial and economic problems continue to be felt across the world and "it's difficult to predict how and when they will be resolved but we do expect it to take considerable time".

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