Once more unto the breach, dear friends, once more,It looks set to be a time of great adjustment as the battle for RIO truly begins.
Or close the wall up with our English dead!
BHP has indeed announced their plans to push on with their revised full scrip (share) offer of 3.4 BHP shares for 1 RIO share... without board approval from RIO.
The bid is now hostile.
Therefore BHP will approach RIO shareholders in an effort to gain the required 50% holdings. It can probably be safely said that the RIO directors and management will suggest this action as non-recommended. Will it help? Who knows.
Even as BHP tries to gain control of the board they will surely be looking over their shoulders with fear. Chinalco can easily put in a competing bid for RIO ... but unlike BHP, the Chinese have the luxury of making a full cash offer.
The war has only just begun... and the English dead may in fact line a new Great Wall of China.
Make no mistake about it ... by the end of the year Rio Tinto will be no more.
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