go figure, page-27

On paper the bid looks cheap, but now I read into it, I'm not seeing a lot of angles to make money. Not quite sure why AVO would buy a 1.2Mtpa mill when they already own an under-utilised 1.0Mtpa one. South Kal looks like a dog, no value there, so that leaves Frog's Leg as the only rationale, maybe there's some synergies there ...? I'll hold for a while and see what gives on the defence ...