itr, page-10

re: takeover this is always an interesting question re takeover of MIG.

a few years ago it was certainly the thing that the upper echelons of MBL were most worried about. . . .the prospect of someone seeking to take management of the listed funds away from them. If a credible threat were to emerge for management rights, then the MBL share price would halve in no time.

However, has the web of cross-shareholdings in the Macquarie listed funds empire made it too hard for anyone to emerge as an agressor here?? I don't know the answer to this - but I suspect that it is a good deal harder now than it was five years ago.