re: bhp rio apg
The top 20 shareholders, together with their friends, provide a considerable force, so any attempted takeover might be met with considerable resistance. The Management have had offers before and rejected them as not being in the best interests of the shareholders.
In other words, any takeover would be at a very good price to us nad only peanuts to BHP or RIO or Bluescope or one steel etc.etc.etc.