controlling stake

I am unsure whether RIO want to block the KAH move or support it.

Why would they buy 15% of KAH? (it is not confirmed yet that they did that).

But, hypothetically, if they wanted to control the takeover by KAH how much do they need?

Well, if the KAH shares cannot vote and you need 75% of non-KAH EXT shares to vote in favour of the take-over then it is very interesting how little RIO needs to control this.

The non-KAH EXT shares are 61% of EXT shares.

RIO would need 25% of that to control the takeover.

So 25% x 61% = 15.25%

RIO has announced that they hold 10.9% already so they only need another 4.35% to have the controlling stake.

Is RIO still buying? If they get another 4.35% of EXT shares then they are in the driver's seat.

I believe they ARE still buying thanks to a friend who can see the course of trades.

If they have bought 15% of KAH I think they want the takeover to progress but with themselves deciding what and when.

I also think they will request that one of their people be on the board of directors, that would be a natural requirement.

Why in hell would you sell EXT now?