Anglo-Australian mining giant Rio Tinto has seen its shares jump to record levels amid speculation that a rival is preparing a hostile takeover bid.
 Rio Tinto's profits have got a boost from record world commodity prices | Traders and analysts said rumours had swept the Sydney stock exchange that rival miner BHP Billiton was close to tabling an offer for Rio Tinto. In London, Rio Tinto's shares jumped 6.4% shortly after the market opened. A bid for Rio Tinto, which reported record profits this year, may cost more than $100bn (£50bn), analysts added. 'Screaming' Global stock markets have been gripped by a spate of massive takeovers, sending shares spiralling and getting investors twitchy about missing out on possible gains. On Tuesday, news and financial data companies Thomson and Reuters confirmed they were in talks, while last week Australian media firm News Corp unveiled a takeover bid for US-based newspaper group Dow Jones. Rio Tinto's shares jumped suddenly in Sydney as rumours spread about BHP Billiton and its mystery bid. "There was screaming everywhere," said Ric Klusman of Aequs Securities. "I don't think it's true but who knows, it's a crazy market." Rio's shares jumped as much as 11% to a record of 99.69 Australia dollars (£41.50). However, by the end of trading, they had given back some of their gains and closed up 6% at A$95.60. BHP shares also climbed, rising 4.5% to reach a record A$32.58. In London, Rio Tinto's shares added 214 pence to 3,519p, boosting shares across the industry. | 
