Ann: Becoming a substantial holder, page-3

DF is in similar size of Ausenco regardless the SP, you really need to look at the employee number and revenue of both company to compare.
5% is more strategic rather than ownership related, I don't think DF will attempt to takeover AAX.

The real game changer is the earning and outlook of the industry, not this type of JV.
AAX is very cheap if it manage a positive EBIT and increasing revenue, but not otherwise.