AGO had strategic value to MIN.
CE didn't put his best offer first and went in lurkworm.
He did the same with AWE and AGO. He had no skin in the game. Whereas FMG and Gina went in hard. Either way they win 20 percent of AGO is worth more at the highest bid.
MIN could had dominated the Pilbara now it will become remain a minnow.
FMG and Gina will get bigger and outgun MIN.
They will take the territory, infrastructure and opportunities to deal with the likes PLS, AJM. Also everyone will know who to go to for a deal in the future it won't be MIN because they know CE is there to just RIP them off rather get getting a win win outcome.
Yes he was smart but too smart for his own good.
Ann: Acquisition of Atlas Iron Limited, page-94
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