I agree. It sounds to me like Petrobas thought that they had put forward a winning offer and were garsumpted ..... hence the sulky release to the market of Totals move ahead of their offer. I think Galp is now happy/comfortable with the size of the offer that they have received and that is why they have finally put an end date on the bidding .... but have left the door open for another company to up their bid before closing the deal .... a smart move in my opinion. The important point of Huaneng's find is that even the big boys can have to "hurry up and wait" to get somewhere near the offer that they consider is value for money for the asset they have discovered and their shareholders are winging too. The same winging that we experience with shareholder abuse of the PCL administration .... those of you who follow these threads closely will note that there has been very little news release from Galp regarding the tendering process .... just the same as what PCL has done. Don't be mistaken ... I'm as keen as everyone else to know what is happening and would dearly love more information .... but I acknowledge that the commercial confidentiality of these negotiations are paramount to having the interest we need to get the best result. IMHO reputable companies would not entertain doing business with a bunch of cowboys who vomited a press release out every time someone went to the bathroom.
PCL Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
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