Only a few people know what the real answer to this question is...

Only a few people know what the real answer to this question is and the rest of us can only guess, based on research and the few hints they drop from time to time. Donna's is the best, most informed, guess I have seen to date. The synergy is in the past and present connections - these boys are all in it together and for the long term (note hardly any changes to the top order for years now, other than a few smaller players joining them along the way). Look at the top 10 holders in each of the three companies (GIR,PMH,PEN), they are all there, Yandal, ANZ Noms, National Noms, HSBC, Breamlea, the super funds of directors and associated etc, and others that have shares in two of the three etc. Its a family in more ways than one - families stick together and support each other. Good family to be a part of in my view.