please no scrip bid from bck next week, page-7

RIO and BHP have their hands full in the Pilbara so FMS makes no sense for them

Due to location its does have a strategic value but again they have their hands full at the moment with expansions and debt management

From a reserves point of view FMS may hold strategic value to AGO but again they too have their hands full with their stage 2 expansion

The further down the order you go the more value there is for smaller players but unfortunately FMS is next in line in terms of size


Maybe BCI if they wanted a new long life asset to accompany producing asset