take over target, page-14

The only reason UMC got he Pilbara tenements that they have is that BHP and RIO were obligated to give up the land. Under law one company only has access to a limited amount of land in the Pilbara. If they were to takeover UMC one would think BHP/Rio would be obligated to give up an equal amount of land. The reason they gsve up the UMC tenements is they thought it was their least profitable land. It looks like they made a big but understandable mistake. To rectify this mistake they would have to give up ground which they have believed to be more profitable than the UMC tenements. I don't think it is going to happen. UMC may well be taken over but I would be looking other than at BHP/Rio. Vale, OZ and Xstrata more likely.

Pagarsi