saqqhara,Because in the first instance all my statements are...

saqqhara,

Because in the first instance all my statements are qualified statements backed up by at the very least reasonable information.

Second, because CNP owns in some way shape or form 51% of CER. It can't be taken over. It can however be sold. Sold at a reasonable price.

Thirdly, because well over 90% of the stock is in the hands of 6 shareholders (actually 10 but 5 of those are essentially CNP) as per below:

SHAREHOLDER UNITS % Held
CPT Manager Limited 543,392,947 23.7663%
Centro MCS Manager Ltd
(Centro Retail Holding) 524,950,491 22.9597%
Centro MCS Manager Limited
(Centro Dir. Prop Fund) 41,832,404 1.8296%
Citicorp Nominees Pty Ltd
(CFS W'sale Prop Sec AC)40,915,528 1.7895%
Centro MCS Manager Limited
(Centro DPF Int'l)) 26,495,624 1.1588%
National Nominees Ltd 98,187,418 4.2944%
Orbis Glob. Equity Fund 378,878,901 16.5710%
HSBC Custody Nominees
(Australia) Limited 239,068,129 10.4561%
JP Morgan Nominees
Australia Limited 196,620,173 8.5996%
Citicorp Nominees
Pty Ltd 160,518,410 7.0206%

TOTAL 98.44% of issued stock

Now before you get into a twist, the above means that there is only soem 31 million shares floating about. This may or may not be true. Substantial holders could have reduced their holdings since the last annual report by less than 1% otherwise they would have had to give a notice to the market. This only leaves National Nominees who could have sold all of their 4.29% holding without any such disclosure which may or may not have happened.

My estimate is that there is a maximum of about 8% of CER issued stock in the hands of ordinary shareholders.

There's a bunch of other technical reasons it can't/won't be taken over most of which "defabster" has covered. I suggest you read his posts.

Cheers.