Yes he has supported them. To be clear though, his voting power...

Yes he has supported them. To be clear though, his voting power % reductions are purely due to dilution as a result of shares issued to other buyers in the CRs. He's picked up an additional 35m shares, the majority at 37c and the rest sub 50c. Significantly lower than the story sold for the merger.



I was quite clear that this is only my opinion; individuals can make up their own minds based on the information available.

But yes my implication and suspicion is that Capital Group (namely Lovelace) and Lauder are clever enough to know how to pull the right levers to end up with win-win results, by exploiting tolerances of smaller investors.

Fundamentally it makes no sense why they would acquire 29m only to dump them within the time frame that they did.

So I certainly don't think it's a step too far to believe that the parties (being two of the richest families in the world) would be acutely aware of all of these transactions and their subsequent impacts on the SP, that would ultimately allow Ron to decrease his cost per share.

Arguably I'm being too cynical, and given they're billionaires, they wouldn't bother with such shenanigans.