Thats an excellent point. The best logical way for Xstrata to own 100% is to execute their option. By acquiring 50%, it should discourage Anglo. Then X are free to make a bid for NKP.
Making the bid first, would keep Anglo in the game.
When it gets to the point where T/O is immenent, it will be interesting. Anglo may still try to accumulate purely to make money. Certainly many funds target those plays. Buy a big block and wait to do a deal.
I'm curious if Xstrata really have a current/valid option. We all know it expired and was extended and expired again. I haven't seen an official announcement saying otherwise.
But Xstrata certainly 'think' they still have an option. Maybe NKP are just letting them think that because it certainly suits us. But if push comes to shove and Anglo want in, then we make it public no option exists.
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