up to 53% now, page-11

I believe this to be true also westcott.
The tricky thing is, when do you sell out to maximise your profit?
Surely their main interest is to secure this asset for Chinese interests. Will they be interested in making a profit for their Australian shareholders? I don't think so.
So to delist they will need to acquire 90% of BRM and FRS. Like you say they probably have FRS in the bag. What are they going to do to take the rest of BRM?
Or, they may call the shots with a majority board, therefore they just plod along getting rail and port and when Aus shareholders jump ship seeing them sell to China for pittance, they stand there snapping them up. They've had that much disregard so far, so can't see why they won't again.
Cheers
skegs