cey / auo / glencore

Assuming Glencore does make a cash offer for AUO, CEY is still in a win / win situation.

With a 34%+ stake in AUO, CEY could either trump Glencore's bid (assuming it does eventuate) or sell out to Glencore at a handsome profit.

Either way, CEY cannot really lose.

AUO would fit nicely into CEY's operations and with their expertise they could turn the loss making AUO operation around.

Glencore might have a more difficult operation ahead of it if it is really serious about acquiring AUO - it might well bite off more than it can chew.

It will be of interest to see how this pans out. Either way, CEY and AUO will be winners - Glencore could end up on the wrong side of the ledger here, unless it plays its hand very carefully.