takeover

I'm sure there are rumours - indeed, you yourself have effectively started one!

But I doubt there is any substance to them, bar one. Companies making takeover bids like to know what they are letting themselves in for, and WM has made that nigh on impossible to determine. The terms of the off-take agreement, the plans for mining, the jewel box, turnkey contract for the plant, cost to end of commissioning - heaps of unknowns which will put off all potential suitors in the current economic climate - bar two. Those two could combine easily to take CDU over. OW and Sinosteel between them know more than anyone else about CDU except for WM himself. And Sinosteel have CDU over a barrel with the MPP and a $300m binding contract. CDU are committed to paying Sinosteel at least another $170m for the plant or, at today's price, 110m more shares which gives them a controlling interest with OW's help.

Game over.