"Rio Tinto touched 4748p on talk that the Chinese were ready to launch a counterbid for the mining giant, which has already rejected a three-for-one offer from BHP Billiton, down 57p at 1349p. Later came talk that even Billiton may pull out and Rio shares were left 186p lower at 4479p."
http://www.thisismoney.co.uk/investing-and-markets/tips-and-tactics/article.html?in_article_id=429461&in_page_id=23&ct=5