They already have off take agreements for the boron - that was one of the first deals they signed
Those agreements are with the legal entity, inr. Any company taking over inr would be legally obliged to honour those off take agreements (as the entity that the agreements are with is still in existence) or pay a penalty to break them. That break fee would be large & add to the cost of the takeover
So rio would not get their hands on the boron unless they ramped up the mining capacity (which I think will happen pretty quickly anyway)
Top 20 ShareholdersTop 5 hold 50.97 - makes a takeover, unless at a very attractive price, very difficult
Name Shares Capital Citicorp Nominees Pty Limited 404,405,319 19.28% HSBC Custody Nominees (Australia) Limited 311,440,825 14.84% Sibanye Battery Metals Pty Ltd 145,862,742 6.95% J P Morgan Nominees Australia Pty Limited 126,607,176 6.03% BNP Paribas Noms Pty Ltd <Drp> 81,274,492 3.87% Lithium Investors Americas Llc 56,268,106 2.68% Mopti Pty Limited <The Rowe Family A/C> 36,690,902 1.75% BNP Paribas Nominees Pty Ltd <Ib Au Noms Retailclient Drp> 30,432,328 1.45% Holdrey Pty Ltd <Don Mathieson Family A/C> 27,400,000 1.31% Deck Chair Holdings Pty Ltd 25,000,000 1.19% Vista Grove Investments Pty Ltd <Vista Grove S/F A/C> 21,000,000 1.00% Fnl Investments Pty Ltd <Superannuation Plan A/C> 20,000,000 0.95% Quality Life Pty Ltd <The Viking Fund A/C> 19,024,590 0.91% Kolley Pty Ltd <Lucas Family A/C> 19,000,000 0.91% Quality Life Pty Ltd <The Neill Family A/C> 15,000,000 0.72% Merrill Lynch (Australia) Nominees Pty Limited 14,309,676 0.68% HSBC Custody Nominees (Australia) Limited Gsco Eca 13,703,491 0.65% National Nominees Limited 13,419,551 0.64% Boman Asset Pty Ltd 12,678,356 0.60% Fnl Investments Pty Ltd 12,000,000 0.57%
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