But the merger process may be challenged by Cliffs, because Cliffs' voting power would be reduced by half (20%KWG + 3%SPQ / 2 = 11,5%). Cliffs can argue that the spirit of the Shareholders Agreement is violated. Rightly or wrongly, they may find a way to judiciarize the process.

I doubt if the challenge would work, as they do have the option of exercising a right to top up their holding with the purchase of shares from treasury. In other words, as HOOV says,they would get to infuse 20m into KWG to assist in KWG's efforts to squeeze them.

Best regards

K