Canada does not have the same guidelines regarding break fees as...

Canada does not have the same guidelines regarding break fees as we do. Here, the Takeovers Panel says 1% max. For this deal, its 5%. The highwatermark was Norilsk Nickel's takeover of LionOre a few years ago (if anyone remembers). I seem to recall the break fee was $300M for a $3B deal.

This is obviously all about Trafigura. For some reason, they did not want to become like Glencore (i.e. a trader-cum-producer) so they decide to sell. When 40% of your scrip is on the market the board has a gun to their heads - you cannot sell that down on the market so you have to find a bidder. MMR were obviously the highest bidder. The patient ones (us) get screwed out of an ENORMOUS upside and we lose another investable security from the bourse. Nevertheless, the BOD should never have accepted $8. As far as I can tell, everyone was happy to hold, even at these prices, in the knowledge we were onto a winner.