takeover on or off, page-32

"but it's the vanadium that has pricked the ears of Glencore"

Don't discount Glencore's interest in the graphite.

SYR have made it clear it intends to target markets where graphite can be used as a substitute for other materials but generally hasn't because its been historically to expensive. This is a threat to Glencore as well.

For example, graphite can substitute for coke in recarburisers and Glencore sell a significant amount of their coke production into that market.

By getting SYRs graphite, they either stop this from eating into their market or more likely allow them to do the substitution themselves.

Cdchi1