pre-open, page-32

Putting the value issue aside I think that the FIRB have plenty of ammunition to push for a deal, given that two of the six principles applied by the Foreign Investment Review Board could be brought into play if needed. 1 The investor's independence from the relevant foreign government and 2 the impact of the investment on competition, both could be used to smooth negotiations.

However I don’t think it is as simple as we want you to own less and pay more or else. Even though the “or else” has some teeth now with values which were not around in May. A real and present danger exists to CNMC should they not bend considerably to accommodate the FIRB. Imagine morning tea in Beijing with the CNMC explaining how they saved this major RE entity so it could slip through its fingers and instead of a wonderful union made a monster competitor was born…no that would be all too difficult IMHO

DYOR!!!