BHP shares surge on news of Caemi offer

BHP shares jumped 32c to $19.08 in the first hour of trade this morning after the Australian mining giant officially announced it has bid for a controlling stake in the world's fourth largest iron ore miner, Brazil's Caemi.

In what would be its biggest corporate move since Paul Anderson took the helm, BHP said it has entered into an agreement with the Frering brothers to buy their 20% equity stake in Caemi for US$332