predict the announcement, page-15

Sorry, but a 10pct buyback will do diddly squat.

If its not 2 billion dollars worth of stock, don't bother, better off making a billion plus dollar bid for PNA.


2 billion dollars, and it will squeeze shorts and send this thing past 3. And then it can spend the next 12 months justifying this merger, and showing the shareholders that have been patient real capital gain.

Buying back 2 billion dollars worth of stock, removes at this price 2/5th of the company's liquid tradable stock (also prevents shorts).

Effectively, the 2 billion dollars accounts for missing shareholders in the form of Barclays and AXA (I still believe you will see a substantial notice lodged from them shortly as sellers).


Then in theory, it should get back to 320. And from there, you'd hope management will know what they are doing.

If they don't want to buy back that much stock...go and bid PNA. That will give them pretty much the ENTIRE Laos.