I've been a bit lucky here. The only reason I've held on to...

I've been a bit lucky here. The only reason I've held on to Ruralco (in view of its strange obsession with diversification) is because its long-term chart looked so damn good. And it seems my reading of the chart may have been right. 

However, the proposed takeover still needs the approval of the so-called competition regulator, the ACCC - and there's no telling what this bunch of second-rate economists and lawyers will decide. The ACCC appears to have a very shallow understanding of competition - it's almost as if they don't understand that markets are dynamic, not static. 

That said, a few years ago the ACCC did get it right when it raised no objection to Ruralco's proposed acquisition of Elders (which ultimately didn't proceed). So there's reason to be hopeful they'll get it right again here. But you never know.

Certainly today's price action suggests that the market expects the takeover to proceed. Either that or maybe some players are speculating that a rival bidder may emerge. Elders perhaps. I can't see Webster being interested - it'd have little use for this mishmash of assets.