up to 53% now, page-23

I was a former holder of UMC. I think the BHP takeover of UMC was a low ball offer. At the time, CRM was to take a placement in UMC at $1.35 for a 12% stake. But BHP took over it for $1.30.

I suspect the board was rushing to sell UMC cheaply, as it only had around $7m to $9m in cash left. The UMC directors sold the company too cheaply at $204m.

But UMC isn't a NWIOA member (so port and rail was a long way out for UMC), so I can't see how UMC-CRM-BHP issue relates to this one. CRM could have took a stake in BRM instead of UMC in that case.

I don't see BHP and CRM fighting over DMA?