That's the thing about them making a profit while losing their...

That's the thing about them making a profit while losing their bid. They seem to have a playbook where they are the first to bid with a very low offer in order to establish a position where they stand to profit even if they lose the bid.

The ORR offer would be the 3rd time that they've done it, as far as my limited research goes. You are certainly right in saying that they are savvy. Perhaps they have their ears very close to the ground in China and can benefit from being the first mover.

Having said that, the situation at GUY escalated very quickly in 2020, within a few months from SVM first bid to Zijin winning. Not the case with CLA, so I could be way off the mark here!