sunday mail takeover speculation, page-21

SP3
They can launch a takeover without haveing any shares. However once they hit 19.9% (say by on market purchase) they must either sit there, launch a takeover or slowly build up stake over many years at (I think) a max of 3% a year.

If they want 100% ownership then they must have at least 90% ownership before they can compulsory aquire rest.

BNB own about 12% from memory and they make welcome a TO if they are desperately short of cash.

The existence of $800M of BEPPA does complicate any takeover.