latest recommendation report ( high risk), page-17

The current climate is all the more reason for BHP to jump in. If they offered $2.50/share now there is a great chance the bid would succeed..... whereas 6 months ago even $4.50 may not have been enough.

FMG is buckley's chance of taking over AGO right now. BHP + AGO going forward would just about even them up with RIO which was the original intention for the proposed BHP:RIO production JV. Also politically(Fed + WA) BHP has the best chance of getting AGO ahead of anyone else.