Incitec Pivot Ltd T.IPL

I’m just an old carcass , or just the last 3 letters

[Maxmoe]

But I've seen lots of takeovers. Brookfield isn't required to make a bid at 20%. The rule prevents them from buying more shares without making a formal bid to all shareholders. It's to prevent creeping takeovers which used to be common. Or paying a small premium for strategic blocks of stock and small shareholders get zippo. Etc. I suspect, but have no knowledge, that the osc and other regulators will have questions about Brookfield's tactics to use "economic interest " to cheat. Somebody is in doo doo. There is a good chance showing their cards puts ipl into play but Brookfield will have to settle for a nice trade on their 20% block. And the regulators will issue an "interpretation " clarifying using derivatives is not a loop hole. Otherwise, why stop at 20% economic interest? Why not 51%?