I have no interest in OZL and have not been following the saga that much. But it you were to go on past history you only have to look at the way BHP played the WMC take over.
Xstrata stole MIM after a long period of stagnant share price and poor returns to share holders, unfortunately for MIM stock holders it was just prior to the commodity boom start and the emergence of China and India as major world manufacturing players. As Xstrata were the only bidder that stock holders got shafted selling the company for a song.
A few years later the Xmen thought they were going to do the same thing and appeared over the line to grab WMC ! what happened off course is now history BHP waited till the 11th hour and bowled them over with a knockout bid.
If BHP really wants prominent hill it will get it so expect the un expected, BHP could easily gazump minmetals with an offer of $1 right at the end which obviously would please Mr Swan if that happened.
The alternative of a failed bid by minmetals or banks withdrawing funding would be a very poor result for shareholders with very little prospect of seeing any cash at all.
A bit like rolling red or black at the casino at the moment the current share price could easy go from 50c to $1 or to zero ?
OZL Price at posting:
$5.60 Sentiment: None Disclosure: Held
