re: Ann: RIO: BHP: Announcement Regarding Rio... Mongombolo, I can recall your comments back then & the subsequent responses are testimony to their accuracy - great call!
Re; ..."Unproductive takovers depicted the excesses of the 1980's.... massive amounts of cash were borrowed at huge interest rates. Ego-boosting nonsense with negative rewards.
BHP has also probably damaged much goodwill in Asia by frightening customers with the proposed monolithic company...."
The 9% blocking investment in RIO taken out by Chinese investors has of course soured. Their cost was about [1.3b shares x $150ps x 9% = $17.5b]. Assuming the 35%-40% drop overnight in the UK translates to a new SP on the ASX of approx $40, the paper loss is approx. 110/150 x $17.5b = $13b].
The proposed merger supposedly cost BHP $450m [plus value for shareholders & lots of customer brownie points I reckon]. However, China has already paid a much higher price. Many have lost face - IMO Kloppers, Argus etal responsible for the move are now expensive, discredited failures & should be replaced asap to assist healing processes.
4YIO - NFA
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