If you ask whats best for Australia, well here is something from the left field.
Found it on another site.
Not sure if it has already been mentioned.
Re: BHP Raises Offer (speculation)
I wouldn't put any great hope in China's "legal" attempt to block the merger. Not gonna happen.
The penny drops in Melbourne though: According to the following article, if China increased their stake in Rio Tinto to 20% and then accepted BHP's bid, China would end up owning 8% of BHP after the merger, not a pretty picture. As it is with 9% in Rio now, China would end up with about 3% of BHP. BHP should let it go, and give China a big loss on their 9% stake when the market realizes there will be no merger and Rio's shares crater.
http://business.theage.com.au/bhp-rethinks-offer-after-raid-on-rio/20080203-1pu7.html
Food for thought.
As a BHP holder, they should walk away.
Cheers markco2
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