"They would also need to hold 85% of shares to force a takeover"
Phosphate is in the Strategic Minerals list, but not a Critical Mineral (unless I'm mistaken?). May find it difficult for Hebang to launch a takeover sometime down the track. You'd have to be disappointed in the federal govt I'd they let a foreign entity take full control of the largest phosphate asset in Australia. But I guess disappointing people is what govts do best.
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