The Wesfarmers Elephant may be in the PLS room, page-122

I don't know anything about M&A, but how about the approach taken by SOL and BKW:

BKW is the biggest shareholder of SOL, @ 26%, for $2.8b
SOL is the biggest shareholder of BKW, @ 40%, for $1.5b

So, say CXO issues 10% new shares, for about $200m, and sells them to PLS
and PLS issues the equivalent value of shares, and sells them to CXO

So, no money changes hands.

Immediately the two companies are joined, making a hostile T/O immediately harder.
Each year this can be repeated.

For shareholders it appears that their holding has been diluted, but at the same time their dividend should not reduce as each company will be giving dividends to the other.

Wouldn't it be great to consolidate high quality aussie producers? They can share IP because its beneficial to both.

CXO is an example - choose any other quality company.

Am I missing something?