RE: BHP29 Jan 2020 06:12
Jerry, I don't see New simply rolling over if BHP attempt a bid and although they don't have a blocking position, they could make life complicated. Mind you, with what's going on at Haveiron, it could be argued New have enough on their plate. Additionally, my guess is that they are on bid alert with regard to Rio, and if that happens life really will get interesting.
The reluctance of BHP to appoint a director has always been a mystery and we've speculated as to the reasons. We all love the conspiracy theories, but it could simply be down to the fact that their corporate policy doesn't allow it. I should also like to know whether they've any intention of taking up the offer to provide technical assistance, as per the most recent announcement. Mind you, given the paucity of our corporate communications, I'm not sure we'll ever be told, one way or another.
The combination of the BHP and New shareholding has effectively led to a bit of an impasse and leads me to the opinion that a jv between the two is quite possible. Of course, Rio could upset the apple cart and a bid for New would catapult them up the global ladder miners. It must be very tempting.
In my mind, one thing is for sure, this will not be an independent company over the medium term.