What I suspected could happen but hopine not. I think its a bit of both business and politics all mixed in with RIO. They have much to lose and nothing to gain by making any competing bids and have taken the 'long term' view. Chinalco is sitting as a major shareholder and they are jumping into bed on a few big projects worldwide so EXT's asset is a small price to pay. I am sure guessing that they have done a deal with their expertise of mining in the area.
Might as well wait for CGNPC to make me an offer I can't refuse and pay my brokerage! Very dissapointing day for a company undervalued by whatever metrics to measure.
EXT Price at posting:
$8.56 Sentiment: None Disclosure: Held
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