The AGO scenario is very likely IMO given the synergy and the crown jewel (South West Creek 18MTA).
WN also has the opportunity to sell the AGO shares for cash (highly liquid ASX 100 company) like it did after it sold their FRS stakes to AGO.
A scrip deal also saves AGO plenty of cash needed to build a South Pilbara line (WRK / FRS) as well as a Marillana rail spur line to the FMG main line.
A 4:3 deal implies a circa value of $4 / share
