A lot of people are posting about how good the Swan decision is in respect to keeping the wicked Chinese out, keeping Australian assets in our hands, etc, etc. This is totally incorrect.
What Swan has said to MinMetals is this: "Sure, go ahead and buy our assets. You can have all of them except the one near Wommera."
So MinMetals says, "Ok, would love to have got that one too, but we appreciate being allowed to buy the rest."
Swan has invited them to buy up - on the same basis as they will buy OZL assets - as many other Australian companies as they want. That is, Swan has said "Buy what you like as long as it is not on Defence land."
I reckon the Chinese are off and running with this decision. It sets a precedednce for them to follow. In every way, it enables them to begin buying many more Australian companies and assets. And MinMetals certianly will.
OZL Price at posting:
$5.55 Sentiment: Hold Disclosure: Held
