INSTANT VIEW 6-BHP Billiton launches bid for Rio Tinto

SYDNEY, Feb 6 (Reuters) - BHP Billiton Ltd/Plc (BHP.AX: Quote, Profile, Research) (BLT.L: Quote, Profile, Research) formally launched a $147.4 billion takeover bid on Wednesday for rival Rio Tinto Ltd/Plc (RIO.AX: Quote, Profile, Research)(RIO.L: Quote, Profile, Research).

BHP said it would offer 3.4 of its shares for every Rio share, in what would be the biggest ever takeover in the mining sector.

The offer has a minimum acceptance condition of 50 percent of Rio Tinto shares, with Rio shareholders to hold 44 percent of the merged entity.

BHP Billiton earlier said its first-half net profit fell 2.4 percent to $6.017 billion.

KEY POINTS:

- BHP said offer at 45 percent premium to Feb. 4 closing share prices

- BHP said proposes $30 billion buyback within a year of acquisition.

- BHP underlying earnings before interest and tax of $9.6 billion, up 5.4 percent on a year earlier.

- Record half-year results in iron ore, petroleum and manganese businesses.