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Chinese state-backed companies reportedly have approached a "major" Australian pension and investment fund to join them in bidding for a stake in BHP Billiton, the world's largest mining firm.

One month after rumors first emerged that China is considering buying a substantial stake in Australia’s BHP Billiton — the world’s largest mining company — daily The Australian reported May 16 that Chinese state-backed companies are hoping to structure such a deal in partnership with a “major” Australian investment firm and a global equity fund.

The stake reportedly will be 9 percent, worth approximately $25 billion (based on May 15 closing prices) — half of which will be held by the Chinese buyers, with the other half divided between the Australian firm and the equity fund. None of the investors involved has been identified publicly.

Suggestions have been made that China’s current interest in BHP Billiton and its recent purchase of a minority stake in Australian miner Rio Tinto are driven by a desire to impact global iron ore supply prices. But that is not China’s specific goal in this instance.

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