Greg - prediction.
In some way GPG will get effective control of FFS. (they
dont need 51%, they just need the right numbers on the
board).
They will then 'dispose' of FFS in one of a number of
ways. One high possibility is that CITIC will be the buyer.
(Not that I think thats a great idea, but I would trust GPG to
do a much better deal than FFS could ever do). The other is to
break it up into bits.
I am sure GPG dont want to be involved in running a
forest, but they might stay as part owners if they can get a
sleeping partner deal - and they might do this with
CITIC.
There is no way CAH will be involved - lots of reasons.
Fonterra type deal not on (need Govt approval and fonterra
record to date not conducive).
And IP have very low confidence in CAH so wouldnt put up
the money - even if allowed.
One thing is for sure - GPG not acting as they are just
to fill in the day with something to do. They can see value in
something and are working to enable that to be freed up.
regards.
See IRG research reports
