'The constitution currently sets 10% as the limit so they can do...

'The constitution currently sets 10% as the limit so they can do it the amendments were for if any wcb shareholder exceeded that amount.'

Thanks, Arms, I had been thinking it was still 5%. But it does mean that Fonterra isn't buying into BGA to block a takeover, but for other reasons.

'The other mail is that Murray Goulburn and Bga are working on a tie up and will make a joint bid at WCB. More details hopefully will be forthcoming.'

Yes, this makes enormous sense.

I continue to think that, despite all the complications, WCB is at the centre of a big strategic play and will stay there.