Perhaps it is just an issue of timing. I was listening to a Sky...

Perhaps it is just an issue of timing.

I was listening to a Sky Business News podcast last night in which an analyst was talking about the poor performance of companies that had recently or were currently in the middle of launching takeover bids. GMG might just be waiting for the market to improve, for ING to sell down if not out of IIF altogether, and for IIF to sell off its Canadian portfolio before making its move.

It all comes down to launching a successful and popular takeover bid, one that would be more difficult and less popular in current market conditions also having to deal with major shareholder ING and assets GMG don't want i.e. IIF's Canadian portfolio.

It's much better to wait for markets to improve, ING to distance itself from IIF and IIF to offload its unwanted Canadian assets for a cleaner, easier and simpler takeover bid when the time and price are right.

In time all will be revealed one way or the other.