I agree with Tokyo that it is more likely that the buyers take...

I agree with Tokyo that it is more likely that the buyers take individual assets of interest vs. the entire company.

This assumption is based on the fact that:

(1) Buyers will be interested in specific large scale projects for a particular commodity (e.g. A chinese steel mill will be more interested in a large iron ore asset vs. a gold mine in Greece).

(2) Buy CFE and they'd have to deal with Aussie Government, FIRB, RSPT, etc

(3) Many of CFE's projects are too small or early stage or geographically diverse to interest a buyer (such as the hypothetical iron ore hungry Chinese steel mill)

There is enormous economic sense in buying the cow and not the milk in this situation, and it may eventuate that a buyer (interested in Marampa and DMM iron ore, and to a lesser degree Cape Lambert South) does take over CFE, extracts the few assets of interest and then flicks the remaining carcass on to another party/ refloat.... but it probably isn't the simplest most preferred option.

Either way, reading between the lines with comments from Sellier, TS's own comments on DearCEO, CFE announcements, speculation from other HCer's there is definitely fun and games ahead... bring it on!

Cheers
John