Given the reports that GFG plans to do an IPO for 40% of Whyalla...

Given the reports that GFG plans to do an IPO for 40% of Whyalla steel works and associated entities, I don't think that he will have an issue with holding 51% to 75% of a listed company. I think the key for Gupta will be holding at least than 51%.

I assume that the entity to be listed will include the 51% plus interest in HAV to ensure long term supply for its expansion plans.

However, I wouldn't be surprise if somewhere down the track (possibly a few years though or when Giles wants to retire) there is a takeover offer of HAV from the Whyalla steel works entities where HAV shareholders are offered shares in the listed Whyalla steels works.