what chance a competitive bid?, page-4

BHP may say they are only interested in tier 1 assets but there may just be a bit more to this.We all realise the proximity factor of P.H. to Olympic but what if the standing of the bidder is taken into account.Minmetals is the largest trader of metals and minerals by volume to China, is in the Forbes top 500 companies and is a global player on the aquisition trail.Most mining companies see China as their golden goose and Chinese companies gaining large reserves in their quest for self sufficiency will no doubt impede the BHPs,Xtratas ect at the negotiating table in the future. It would make sense that if you could block your best customer from gaining access to an asset which would enable him to become less reliant on you,AND you could yourself use this asset to generate good profits then the aquisition of this asset would be a good business decision.If Martabe and Golden Grove can be sold then a rival bid may not be out of the question given the lack of premium in the current offer.