australias rinker seen rejecting cemex 12 bln offe, page-3

JP Morgan are advising CEMEX on the deal and hold 13% of the shares. It can be assumed that JPM's holding is in Cemex's corner.

However, 3 Australian institutions hold approx 40% of the shares and they will be instrumental in the outcome. What the Rinker board is relatively unimportant. Clearly, RIN will automatically reject the offer and some negotiation will ensue.