Cross holdings are usually done for tax and strategic reasons. Common amongst certain cultures/countries. With the david and goliath relationship between merc, sms and nmt, clearly nmt doesnt have the financial resources and company size for this to be of any use. But it could certainly make sense for merc and sms to invest in nmt. Maybe they have but staying under 5%? Or maybe they have agreed not to buy shares in nmt? Can't see why nmt would want that? Maybe to prevent a cheap takeover?
But one thing is for sure if sms/merc do appear as shareholders then that would be a massive greenlight, all systems go, next stop the moon.
On the other hand their absence does not encourage confidence. Imo
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