story in crikey today by glen dyer

Hi all

not sure of the copyright issues in posting the story, but the jist of it is:

First part of the story talks about the recent morgan stanley substantial shareholder notice, apparently it is being accummulated on behalf of one of two groups talking to OZ about a possible deal, of which BHP is one of the groups.

Second part talks about the stalled refinancing negotiations, the hold out bank is ANZ which is looking to reduce its exposure to the entire resources sector, OZ just happens to be the first cab off the ranks in this process. ANZ are using the refinancing to put in place caveats that will effectively allow it to withdraw from the seven bank syndicate currently dealing with OZ.
This last minute, unannounced and entirely unexpected move threw the entire extension into jeopardy, forcing OZ to ask for the trading halt. the other six banks in the syndicate are happy to consolidate the 2 loans and once that is done, the talks with the 2 interested groups will continue

good reading

not a holder but hope it all works out