Ann: Becoming a substantial holder in FMS by DB G, page-39

re: Ann: Becoming a substantial holder in FMS... DB is a principal lender to MMK ($500m). So won't DB be just a bit upset with its customer if they pull out of the TO and causes DB's FMS shares to drop to 15c -> $20m loss -> more if DB were expecting to finance the TO. What if DB knows the TO is a done deal and shorted their FMS shares before the Egorova injunction? Now that would be a cool $7m profit - but we all know DB wouldn't do that!

As for the rail - FMG and RIO have 2 choices:

1) Earning a bit of extra money carting FMS's pidley 15mt pa OR

2) Have QR-National build their WA rail and deliver another 200mt pa to the market from the WA IO juniors.

Personally, I think both the TO and the QR-National WA rail project will go ahead - The banks are awash with money and WA iron ore infrastructure is a better bet than Spanish or Italian bonds.