Hey Simon - I see what you're saying about stage 1 and 2 being sold out which makes it unlikely that a chemical producer would do a full takeover but a miner would be pretty happy to take the revenue onto their balance sheet and those offtakes don't go forever.
Ellison is a shrewd investor. IMO he would be a willing seller of his PLS shares at $1.20 as that would be a nice little profit for him and he could pump it into another undervalued asset. That would leave no blocking stake and it would be open for a hostile takeover.
very interesting times ahead for sure
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