I would not be surprised to see them move on BBP and then deliver a very onerous rights issue upon the shareholders which they underwrite and pick up even more shares. Once in control, they would proceed with repairs full steam ahead and also jettison parts of the business they do not want. GPG have always had an interest in energy investments in the past.
You would also pretty much think that BNB's shares in BBP would be up for sale if GPG came a calling.
Whether GPG is large enough to move in on both BBI and BBP remains to be seen. I think BBP is a simpler play than BBI, but BBP are also deeper in the crap than BBI.
The BEPPA scenario makes a BBI takeover much more complicated.
BBI Price at posting:
8.5¢ Sentiment: None Disclosure: Held
