Correct, it's 90% for a compulsory takeover. Now, think that...

Correct, it's 90% for a compulsory takeover. Now, think that Hanlong have, what, 18-19%? And I'd bet there are other Chinese on the share registry as well. So, you can bet your bottom dollar that those Chinese holding SDL will be getting the word from China Inc that they are not to part ways with their shares at all costs.

So, will BHP get involved with SDL when they pretty much know they can't take over the company fully? Would they want to be stuck holding say 70% of the shares, the Chinese the other 30%? Then factor in that SDL only holds 80% of CamIron and 90% of CongoIron. See how complicated this is becoming for BHP or any other non-Chinese suitor? Then factor in that the Chinese will have Biya in their pocket because of all the other investment China Inc is making in Cameroon, and the Chinese can employ much more 'shady' business practices than a publically listed Australian company. I don't see the chance of a counter-bid being all that high.