Technically, you are right.Basically BHP in this case (if the...

Technically, you are right.

Basically BHP in this case (if the deal fails) will launch a whole new bid starting from a clean slate.

In the past they repeatedly approached RIO to merge, so in a way this ritual has been done many times before.

This time, to ensure they have a good chance of success in securing UMC and well as avoiding another PR disaster, they will up the bid to a resonable level.

Strategically UMC matter s lot to BHP. If they don't come back with a decent bid quickly, the Chinese will be back in flash (although I doubt it will be CRM next time).