I think there is a quiet game of chess going on for the prize of...

I think there is a quiet game of chess going on for the prize of ZFX between Oxiana and Xstrata. For both companies, ZFX is a strategic acquisition that makes a great deal of sense. It is possibly worth more to Oxiana than Xstrata, though one suspects Xstrata have far deeper pockets and would therefore win in a competitive auction assuming they wanted it badly enough. Either way, a merged Oxiana and Zinifex would be a delightful acquisition for a major down the track. Bring on industry consolidation I say! Either way, I think Oxiana and Xstrata are waiting for either (or someone else) to make the first move. Whilst I think ZFX going after AGM is a good move, it's merely a diversion from the main game and may at best buy some time for ZFX. Any thoughts?