Glorieux you do know how to perk my interest with your speculations. Thanks, cause:

I most heartly agree, if Cliffs is the one taking additional interest in FWR then they may offer more in the begining than Noront BUT What Then?

Surely the upside in terms of share price appreciation is much less so that initial advantage is wiped out unless promptly after the take over one sells their shares and go into something else.
I suspect that with Vale or Xstrata the sp upside is even less than with Cliffs.
The answer should be a no brainer, imo.