Maybe the Russians don't really want FMS. Perhaps having been approached by Citi they understand the real value/potential of FMS and figure that if they get in and buy on market and also make a minimal takeover offer then possibly either local or Asian neighbours will jump in and make higher offers because they would also acknowledge the potential of the PIOP. If that happens the Russians can progressively raise their bid then drop out when opposing offers reach a suitable target. When that happens the Russians will sell out, making easy money. And if the inferred Russian plan is not successful and they have to complete the buyout then they would still be happy having a great asset and wonderful(?)management -- at a cheap price.
Interesting times...
the age article, page-21
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