Another angle.

"Xstrata has declared force majeure on shipments of ferrochromium and chromium ore from South Africa as a result of the Transnet strike"

Could you see Xstrata buy into this as a hedge against current and future problems in SA.

The list of possibilities is endless. I think Cliffs is playing a dangerous game. It was only a few months ago that Barrick thought they'd bought into El Morro only to have Goldcorp make a last minute deal to slip it out of their grasp. Seasoned or not this is a serious game.

I expect a revised offer on or before the weekend.

A