"...Unlike CGNPC, Rio will have no trouble getting the takeover relief from ASIC..." is, IMO, entirely wrong.
There is no material difference in Rio's position or motives for launching a takeover of KAH without a corresponding bid for EXT... in both Rio's and CGNPC's case they aim to take control of EXT. Under Australian takeover rules, once any company passes effective 20% control they must make the offer available to all shareholders.
I think that one reason for EXT management to make the declaration they did, opposing any waiver of the takeover rules (because that is what it is), was to prevent setting a precedent. It doesn't apply only to CGNPC, but to Rio and anybody else as well.
At least, that is my view on the situation...
Disclosure: I am not a lawyer, nor well versed in this area.
EXT Price at posting:
$10.73 Sentiment: Buy Disclosure: Held
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