RE:RE:HedgingHA I'm not sure Glencore's stake prevents a buyout. See below, the latest in a bidding war for Noront, between an existing shareholder and an outsider. The existing shareholder (Wyloo) has been forced to up its bid or else lose its stake to a rival.
As for the offtake agreement, as I understand it is at market prices, so I don't think it impairs TV's value substantially.
• Noront Resources Ltd: Australian billionaire Andrew Forrest's Wyloo Metals raised its offer for Canadian nickel producer Noront shortly after failing to come to an agreement to support a rival bid by BHP. Wyloo, Noront's top shareholder, increased its offer to C$1.10 a share, valuing the Canadian miner at C$616.9 million, 57% higher than its prior bid and outmatching BHP's C$0.75 per-share offer. With a stake of 37.2% in Noront, Wyloo said it does not intend on supporting any other offer and that "a competing take-over bid will be unlikely to meet any minimum tender condition." For now, BHP's offer has the support of the Noront board and requires minimum acceptances of 50%, it said.