The debt ceiling debacle will be ancient history in a week's time. It's called political brinkmanship.
Remember, nothing in the overall scheme of things changes the long term dynamics of China's insatiable appetite for IO. Not to mention Indian competition for IO (the trend is crystal clear in India's urbanization path).
In the short term, who cares about the sp.
If Hang Long drops the offer, Anglo American, Xstrata, Arcellor Mittal, Tata Steel, Posco and a bunch of chinese steel mills will quickly fill the void. At that point, the bid will surely be much higher as they all know GC is after more.
If Hang Long drops the deal, I believe they can't come back within 12 months (effectively locking themselves OUT OF CONTENTION).
You got to understand, the Chinese are the ones in a position of weakness. We know they need the IO real bad and apart from SDL, their ain't anything like it anywhere else.
Trust me, we have the Chinese by the BALLS !
And they know it.
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