You could be right there Risk. A takeover would certainly be a...

You could be right there Risk. A takeover would certainly be a better result than a selective buy-back.

One thing I think is for sure is that in 12 months CIMIC won't be sitting at 19.9% of Macmahon. They have made it clear they either want to take total control or get out as they have done Devine and Sedgman.

One thing to note though is their starting stakes in these other 2 investments were a lot higher. That's why I think it might be easier for them to just try and take the money and run rather than try to take Macmahon over.

That's why I'm leaning towards a selective buy-back over a takeover but the latter certainly wouldn't surprise and a lot better for us!