i would think that PH may be valued much higher than...

i would think that PH may be valued much higher than $1b.
Primarily because it will be considered a 'world class' asset that not only will BHP want it, but will probably have to (and I believe prepared to) pay far more for it as it seems they have more than 1 party showing interest.

If PH cost approx $1.2b, I would think that its value will be far greater, and more importantly, there will be parties wanting to get their hands on it.

I just wonder though whether a BHP would want 75%-100% or walk away. I hope this is not the case.