fantastic announcement, page-15

BHP is a good suitor but remember the argument against the RIO bid was all about debt levels and PNA is sadled with massive debt, albeit the debt is probably small in real numbers by BHP standards.

No if I am BHP I am now going to husband my cash and think about what to pick the eyes out of when all these small miners go under. No doubt they are doing that with RIO right now. Don't forget the lesson of Qantas and that other airline when it went under. Don't take over the sick company - just wait to get the carcass afterward.