Blackstone Denies Rio Tinto Bid Speculation

Private equity firm Blackstone Group on Monday denied speculation that it is planning a counterbid for Rio Tinto with a consortium believed to include China's sovereign wealth fund.

Rio Tinto

The speculation appeared in the British newspaper The Daily Telegraph.

"The Blackstone Group has consulted with the U.K. Takeover Panel and told them that there is no truth to this story," Blackstone said in a statement.

Blackstone said it is not involved in this transaction in either an investment or advisory role.

Rio Tinto has already rejected a proposed $140 billion three-for-one share takeover offer by rival miner BHP Billiton