BHP Facing Don’t-Ask-Don’t-Tell Dilemma

BHP Billiton's (BHP) $150bn bid for rival Rio Tinto (RTP) will destroy value – if BHP’s synergy targets are to be believed. But since the real spoils should be higher, BHP could arguably offer more.

The one snag is that talking too loudly about excess profits could backfire on both sides.

Go to the article from breakingviews.