posco agrees to buy 10 percent stake in mcc

http://www.businessspectator.com.au/bs.nsf/Article/POSCO-agrees-to-buy-10-stake-in-Macarthur-Coal-G43UP?OpenDocument


Looks like Talbot will be fully divested by next month. Not good for MCC holders as takeover is more difficult now with multiple blocking stakes in the stock.

But with Talbot's new war chest of +$800M this should makes things interesting for RIV holders.

If I may borrow from last week's post "Riversdale eyeing a Mozambican prize":

QUOTE: "Meanwhile, coal magnate Ken Talbot has cropped up on Riversdale's share register, giving the company a "tick of approval", according to O'Keefe.

"It was interesting reading [Talbot's comments earlier in the week] that he wants to focus on more greenfield projects and he believes there's a huge upside, and he's talking about Riversdale," he added." UNQUOTE

Get set for more upside.

;)