Hoggle ,I think it comes down to who needs who the most .PEM...

Hoggle ,I think it comes down to who needs who the most .PEM need a growth pipeline and to lower costs at Broken Hill .It would save CBH a lot of dollars too ,but CBH will have Endeavour humming by mid year ,and while it would be great for them to merge they could do fine by themselves .
The company making approach is always weaker in share price until the deal is tied up .Unfortunately in this case PEM is the one making the approach .No deal has been agreed yet,so need to keep reality in the back of your mind but I am sure PEM would realise that Toho wont give it away .