And Wesfarmers have a JV with SQM. And PLS have a JV with...

And Wesfarmers have a JV with SQM.

And PLS have a JV with POSCO.

Yes there are JV's and tangled relationships all over the place.

I just don't think it would be good business or make much sense for Tianqi to bail on their JV partner for this deal and then desperately change partners.

More likely I'd say that its actually IGO/Tianqi together bidding it up, or MIN or alternative going it alone.

It's quite fascinating seeing the activity in recent days and I very much look forward to a substantial holder notice in the next few days.

The current buying above 50 cents kind of makes management look pretty incompetent with their massive push by phone "surveys" for holders to accept the scheme as they have.