Interesting to see the agreement between AAX and DF in this...

Interesting to see the agreement between AAX and DF in this announcement.
Of note, DF can go to 19.9% without restraint, but after that further increase must be with the agreement of AAX Board.

I wonder how the Spanish see the Aus engineering/construction companies. First Leighton was bought out by Spanish (incidentally, breaking their agreement with Leighton in doing so). Then Transfield was the subject of a Spanish takeover.

We can see Df were prepared to pay around 0.48 to get to 5%, and 0.60 to get to 15%.
I still maintain that they are after control. My prediction is creep to 19.9 and then pounce. later. When..who knows..I'd imagine opportunistic timing. For controlling shareholding I could see 0.80 minimum being warranted.

I don't believe sufficient benefits arise from co-operative "strategic alliances". AT the end of the day, each company has it's own shareholders, Board and agenda and you can't force working together where benefits in each case will occur unequally, and resources available and needed by each will be unequal. Its all about control to maximise benefits, and DF will try for that. In the meantime, some benefits will occur to both , and DF can get close and learn more about AAX.