I believe they can put the shares they bought on market in their Reserve account and use them for RIO takeover.
They do not have to cancel them as far as I know.
For example Qantas has on market buyback ATM for aprox 10% of the company and one milion of these shares will be given to CEO Geoff Dixon as a bonus and another 500,000 odd will go to CFO. They have two brokers doing the buying so the transactions are at arms lenght.
So it is probably much of the muchness, besides the buyback has been announced before the takeover and so they are probably obliged to complete it.
Brian.
buyback, page-2
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Last
$39.00 |
Change
0.360(0.93%) |
Mkt cap ! $198.6B | |||
| Open | High | Low | Value | Volume |
| $39.01 | $39.19 | $38.94 | $116.0M | 2.972M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 14 | 1364 | $38.99 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $39.00 | 2885 | 13 |
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| BHP (ASX) Chart |