is a friendly t/over @ $1.40/share possible?, page-13

Melua - for all of our sakes I sincerely hope that you are wrong. The tax implications (not to mention the lack of certainty re the return of cash to shareholders) would make a sale of IRN's stake in SMI very unattactive for everyone. The situation has now changed - thankfully!- and the need to cobble together a deal that is not in the minorities' best interest has past.
I see the situation panning out very simply - prior to hopping into bed with a new "banker" Xstrata will complete a 100% takeover of both IRN and Alsons thus allowing them the ability to put their own deal together on their own terms without having to refer back to other minor shareholders continually - that is Xstrsta's Modus Operandi.