I’m saying most M&A fails… about 2/3rds… because companies overpay. There’s often a stupid side in each deal…
pre CoVID & Ukraine war PCI traded below $100/t, it’s now at $180, with Russian tonnes in the global market and inflation now well down, so it looks like coal prices have topped and unlikely to back above PCI $210 soon. If anything risk is to the downside because 2024 is the aftermath of the bubble.
there are countless examples of coal mine transactions… so focusing on this one as the most recent example. BHP had the upper hand and was in no rush to sell, so chose its point… WHC wanted to become bigger
Ann: December 2023 Quarterly Activities Report, page-28
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