Marben Its at what point in time they have become associated...

Marben Its at what point in time they have become associated which is at issue. They could well be deemed associates post the Polo acquisition. the concept of associate is a temporal one.. it is not a static concept. Further purchases from here on in could well be considered purchases by an associate in the legal sense. The situation is evolving.

I can assure you it is by no means cut and dried in these situations and I have experienced quite a few. One thing is certain and you have picked up my point on this is that both Rio and Dattels would be watching eachother and treading carefully. THe important thing is to follow what further purchases are made and by whom.

In any case other then increasing his economic interest (which is a good sign) Dattels does not further shares for "control" reasons.


I think this has a lot further to play out yet. I am not confident that Polo or Dattels will increase their stake much further from here in for either legal or tactical reaasons

That however is just an opinion and it will be interesting to watch in the coming months