The Howard govt rejected Shell's t/o of WPL, siting the NWS as a resource of national significance. The only company that could bid for WPL is BHP, as they are domiciled in Aust.
The precedent has been set by Costello, and I suspect that Labor would follow that lead. No foreign company will waste their time trying a t/o of WPL.
Assume that WPL will never be a t/o target (other than by BHP).
Shell will sell into the market when they are ready. WPL could buy back some of their stock now, but Shell do not want to sell. At $42 WPL will not want to buy, but Shell will want to sell, hence the offloading onto the market.
HT1
fair value $65.00, page-18
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