is a takeover imminent?, page-11

Strategically it's a very interesting manouevre. I still remain sceptical that they will try to take us over (future events of course might prove me wrong).

BHP must have taken good deal of notice at this. It might be an incentive to get us onto BHP's rail. If this is part of Wah Nam's consideration in upping its stake it is a very
clever move - sounds like the stake increase might have ahd th ego-ahead of BRM's board if WR sold some shares to Wah Nam....but I be taking this further than the reality.

A corollary of this is that BHP may consider a blocking stake in BRM to keep the Chinese wolves from the door.

Having said that a takeover from either party will be extremely difficult without board approval. I take the BRM board at its word that it wants to see Marillana through to production - it's the best value generating proposition for all who are involved with BRM - anything less and they will be short changing themselves and us.