George Clapham
George Clapham
aggressive anyone buying interested losers obviously toll winner
The losers are obviously Patrick and Toll shareholders today. The winner is anyone interested in buying a ports business, and there's obviously a lot of interest in ports. You see that with the very aggressive bidding for the P&O business.
bid breaking entity post pushes range
The new bid competitively pushes into the range (of independent valuations) without breaking the back of the entity post acquisition.
attractive commodity dynamics expanding exposed growing industry moment north quite
The dynamics of the industry are quite attractive at the moment with expanding commodity production, and they are also exposed to construction and quarrying which has been growing in North America.
buyer market natural present trade
It is going to present some challenges. They are probably the only natural trade buyer for the business, so the market is saying, yes, it is good, but there are these issues.