Pete...
No, wasn't surprised at all about the offer by Minmetals for OZL...and there is a world of difference between OZL and BBI.
As is usual, commodity price fell a lot earlier on in this global crisis, and have more or less bottomed....that is certainly not the case with property and infrastructure...plenty more writedowns to come yet, so why would anyone want to step in now.
In any case, the only country on the planet that has any money left, and it has mountains of it, is China....it is clear that there is only one asset class that they are really interested in...commodities.
Pete...No, wasn't surprised at all about the offer by Minmetals...
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