From memory, they hold 10% directly in Extract, and a further 10% in KAH, giving them a blocking stake for any total (delisting style) takeover.
There is no love lost between the Japanese and Chinese governments, although I am not sure whether that would factor in this event.
Itochu are investors in Namibia already, so they would understand the political environment.
The takeover premium for KAH is not very high, so unless the special conditions on the mining license are very restrictive, there is not a lot of incentive for them to sell. They might decide to partner with Rio by launching their own takeover of KAH.
In any event, Rio will need to purchase additional Extract or KAH shares to bring their holding up to a larger percentage, and those purchases will need to be at a premium to the CGNPC offer, unless CGNPC sells some of their stock to Rio after completing the initial purchase.
Interesting times all around.
EXT Price at posting:
$8.47 Sentiment: Hold Disclosure: Held
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