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Michael Spencer, the founder multi-millionaire ICAP is the principal funder of the Exotix. Photo: Geoff Pugh

Exotix is in talks with several potential partners, including banks and equity companies on a mooring that could see it sells a stake in the company of an agreement to give the broker access to more funds.

Michael Spencer, the founder multi-millionaire broker broker ICAP is also principal of the Exotix, with a stake in the company by its vehicle investment IPGL.ICAP 1pc 43 separately has a game with other 37pc 9pc 19 shares held by the direction of Exotix.

A joint venture agreement should be signed at the beginning of next year and could be structured along the lines of agreements as between the Bank and broker Cazenove Queen us JP Morgan.

"Exotix offers a potential partner a first look at what some of these stories of exciting growth for the coming years will be", said a source of knowledge of the discussions.

Exotix specialises in obtaining investors access to countries where conventional financing companies bother rarely venturing as the Iraq, Cuba and North Korea.

Private placements which companies sell actions for themselves directly to investors without using the stock market, became one of the specialities of the company he has helped businesses ranging from telecommunications Turkish cement Iraqi groups decision makers raise money.

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Questor says BUY

As noted on 19 August: "Quaestor grew more in more uncertain as to whether the company will be approved and suspected that management believes it too."

Although the shares of both companies fell yesterday, falls were in line with the rest of the sector — as the dollar staged a rebound after the recent falls.

When the dollar decline, prices for raw materials tend to increase as they are less expensive in other monnaies.lorsque dollar rises, and prices tend to fall.

Joint venture would have resulted in $with (￡ 6 United) annual cost - which is importantes.Rio Tinto have also received a "equalization payment" savings BHP.

Indeed, the economies of the exploitation of iron ore were an important factor to consider when BHP bid for Rio Tinto all shares in November 2007 in the context of a market booming commodity.

Part of the Rio defense against the approach was that the Pilbara infrastructure and its operations were well above those of BHP.However, BHP walking away from any agreement that the credit crunch has caused the development of products to relax.

When the iron ore joint venture was announced, it is a moment of crisis for Rio.The company stock prices had plunged as the credit crunch hit because the group composing with approximately had been $ debt from its purchase of Canadian aluminium group Alcan.

To strengthen its balance sheet, Rio has accepted this group controlled by the Chinese State Chinalco would inject $19. 5bn in the company in return for a doubling of the participation of the Rio Group in 18pc.This caused uproar among other shareholders because it ignored their pre-emption rights and promoted a sole shareholder rather than another.

Due to the concerns of the shareholder, Rio has decided to walk further Chinese investment in favour of a question of rights and this venture with BHP.Il has been agreed that BHP would pay a sum of cash 5 $ 8bn in Rio at their operations "equalize".

Given that the transaction has been agreed, the iron ore market has stimulated and many Rio shareholders not would have been blamed for wanting higher equalization payment.

However, it is now a point moot .c ' was regulators who scuttled the agreement finally as the combination was too much for competition regulators European and asiatiques.Comme is a joint decision there is no tax payable break.

Thus, BHP and Rio will now she seule.Rio plans to expand production of 330 m tons iron ore per year by 2015 - up to 220 m tonnes maintenant.BHP Billiton plans to increase production to 240 m tonnes per year by 2014.Actions BHP may underperform in Rio, as is currently the first, in a situation of hostile bid with PotashCorp, resulting in uncertainty.

Rio shares are trading on earnings from December 2010 multiple 9.6, falling to 8.2 next year.

Shares increased 21pc since 4 may, when they were tipped title as a purchase to ￡ 33.79, compared to a market until 6pc.Les actions are still a purchase.

A club of hand, Garry white is a member, is the owner of 274 BHP Billiton shares.

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Mining giant BHP Billiton and Rio Tinto are about to abandon their plans for a joint venture (￡ 73bn) $116bn facing mounting regulatory barriers.

Competition concessions demanded by the regulators of the European Union meeting with companies Friday were so steep that the prospect of their operations in the West of the Australia iron ore smelting became even more unlikely.

Meeting with the representatives of the European Commission, the guardian of competition of the European Union has shortly after the Federal Bureau des ententes said that he expected block business savings.Steelmakers Europeans, who use the ore of iron to produce metal, have complained that the plan would create a market "Duopoly" as the joint venture would have controlled the world maritime trade in iron ore someone.

The European Commission confirmed advises companies on the results of its survey préliminaire.Une next likely step would regulators publish a formal statement of objection, a notice specifying EU antitrust case, possibly as early as this week.

BHP and Rio has published the week continued last statement that the joint venture is "pro-competitive and increase the supply of iron ore", but acknowledged "the concerns expressed by some regulators and obstacles to the completion of customs clearance.

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