First thing first, the AGO sp is fishy beyond belief.
The only reason for the current price that makes any sense is that it is being shorted, accumulated, suppressed in time for a formal takeover.
IMO, a FMG decision regarding TPI divestment may be the prelude to any bid lobbed at AGO.
Teck has excellent balance sheet and that's why they were speculated to be interested in FMG.
Problem is FMG is too big for TECK to swallow and Twiggys owns 1/3 of the company (hence hostiel would never work).
Teck would go after an existing producer with huge port allocations (AGO's gem).
The bad thing is the sp sucks. The good thing is any takeover intially will almost certainly result in a bidding war among many interested parties.
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