I would not rule out a full take over either, although it is...

I would not rule out a full take over either, although it is probably less likely than other outcomes.

Didn't BHP burn through $500m when they tried to take over RIO? For that amount they could have already bought SDL and had some change left over.

Would BHP be analysing the situation for Iron Ore suppliers (RIO, Vale, etc.) and then prefer to not have another new player come on board? A takeover would solve this problem.

Either way, JV/partnership/takeover it would all be good news for SDL shareholders.

Butchy.