If the deal doesn't go ahead - what would be the effect ?
Good question. As much as the RIO board say that the offer by BHP does not reflect the full value of RIO and have rejected the offer, it does squarely put the spotlight on the RIO board/management for not realising the full value of RIO themselves, After all RIO was floating around the $90-95 - $105 mark. It took the BHP offer to help the RIO shareholders crystalise the share price at the $135- $150 and RIO are still saying Naaahh. China has its two bobs worth and supports the higher RIO price by taking a position just to make it a bit harder for BHP, they don't want one really really really BIG Australian.
So will RIO Board be able to maintain a share price of $140 if BHP passes on the idea for a while, that is even a better question ?
Cheers
Obe
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