Westfarmer to take over Kidman at $1.90, page-98

Ah, right. Well if they had 20% they'd have said that in the announcements to make it a stronger case. They claimed only 17% - so that just raises my question even more strongly, there was another 3% they could have legally acquired for a lot less than they will now have to spend. Given they are going to have to add another 370m to the deal to get into production after the takeover keeping the price down matters. At current prices they are looking at something like a 7 year pay back before breakeven (I believe). Obviously they don't think prices are going to stay at this level for another 7 years.