You are exactly right. If all the media attention is correct regarding CBA playing hardball, there is no way the deal will not be done on 15 Jan.
The disclaimer aside from the last announcment, if the deal does not go ahead there will be even more fallout than what would have potentially been the case before. CBA is losing reputation points very fast. With 2.5 bill of provisions, they have felt the wrath of the market. THey would need to provide another say 5-600 mill for CNP if they (and/or others) don't ratify the deal come January.
I daresay if that happening we'd all be hunting for CBA shares in the teens.
For what it's worth I did say weeks and weeks ago that if CNP went to the wall, you could expect to pick up ANZ at sub $10 and CBa at around $25. Well they kept CNP afloat and CBA is around the $25 mark now. No deal for CNP and I again suspect CBA to go to the teens.
There is talk on Business Spectator that the deal was forced onto unhappy parties. Well happy or not, no-one really has a choice. I also think there would be political intervention if CNP was formally placed in adminsitration.
CNP Price at posting:
8.0¢ Sentiment: None Disclosure: Held
