Chart, page-11

Major shareholder in a strong position .... they can gamble on a Thiess sale with nothing/little to lose:
scenario A - if negotiated price exceeds target, they can agree .... and take the lion share of the excess value
scenario B - if no outcome or too low - share price May drop and buyback becomes cheaper ...
Either way, in my view only upside for major AND other long term shareholders willing to sit it out as next infrastructure UPTICK IS COMING! )just listen to the Reserve Bank)