Hi Emerald,
"My feeling is that they are all associated... "
My opinion is that they ARE associated in the commonly undersood sense but not in the legal one. If they were legally associated, then I don't see how Polo could have acquired their holding without falling foul of takeover rules... and I don't think RIO would have been backward in coming forward if there was a case to answer.
As you say, I have no doubt that Dattels will have taken careful legal advice over this and will have structured his transactions in a manner that he felt was legally bomb-proof.
Regards,
Mark
ext rio scenario ?!, page-44
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