'Perhaps Boor (Cliffs) and Dweck (Mineralfields) have 25% of voting shares. They need 50.1%. How many 10's of millions of shares does that extra 25% represent?"

Snug: they only need 33⅓ % of the votes to quash the merger. It is what they are trying to achieve by solliciting proxies (with no necessity to tender the shares, I recall). They announced that they have those of Mineraldfields, and that 'assuming' that they have the support of Management (we have to wait KWG decision before we know) they would have 21% to start with, which is kind of huge because the 33% needed is for shareholders present at the Meeting or 'proxied'.

So the battle is very bloody! I don'T want to be pessimistic, but if KWG doesn't match, I think that the merger resolution will be very difficult to go beyond the 66% mark ...

Question: what if Merger is voted down by Cliffs with its proxies in hand, and that Cliffs doesn't get the 50.1% shares it put as a condition to pay .0165, and now .19? Hmmmm....

I think they found a way to create enough fear so that the average broker will tell his client : 'sell now or tender, but get out of the boat'!

So, a message for those who decided to get out: PLEASE vote FOR the merger before leaving! Thanks!

GLTA.

BaBe.

(BTW: I wonder how Mineraldfields voted on the last RS Resolution?)