My current opinion is that MMX had tried to approach Sinosteel for a corporate transaction, but was rebuffed because they wanted to keep playing hardball using Sino-Midwest.
My feeling is that either POSCO, Mitsu or some non-chinese 3rd party stepped in, and is in talks with MMX management to take a majority stake in MMX through a capital raising. Hence the need for FIRB approval and management's trip to Canberra.
Sensing that their hardball tactics are not going anywhere, Sinosteel may have been buying recently on the open market.
Just my gut feeling, lets see if I'm anywhere close to the mark.
MMX Price at posting:
78.0¢ Sentiment: LT Buy Disclosure: Held
