I would think that there are too many large holders who would not accept a takeover, unless the offer is seriously good.
BHP have offered 3.4 BHP shares for each RIO share.
This is an accounting nightmare for all concerned, so why don't BHP just make it easier for everyone, and offer the remaining 0.6 of a share for each APG share held.
That would make the numbers nice and round then....
quarterly today, page-25
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