Ann: Change in substantial holding , page-9

I also kind of think the Minmetals report in the AFR is of substance. Minmetals has not come out with an out right denial of launching a counter-bid.

I think come October 5th when the offer expires, Xstrata won't have the number and Minmetals with then launch a counter-bid.

If anything, I would suggest that the Sphere board may already be now in discussion with the Chinese and will come out to announce a superior bid.