is it too big as a take over target?, page-5

Hi Barren
Hdr is just a minnow in world terms any one of the major oilers could take them out with thier petty cash tin.

Shell tried to take out WPL which is a huge company compared with HDR ,Shell owns 10% of WPL, in turn WPL owns 10% of HDR so any t/over would logicly come from wpl.

I cant see any other oiler being bothered to have a tilt at HDR given the fact it would probably be a waste of time given that wpl would counter the offer and have their hand forced.

Us hdr holders would prefer no t/over better to stay as independent with WPL as big brother watching out for us.

Cheers Hooter