Beaufort Securities, page-26

Let's assume Magna are buying options. They currently have 20% or thereabouts of FPO shares currently on issue or 123mil shares. Assuming they owned all options still on issue (189mill), they would hold 312mill of a total of 806mill shares (fully diluted). That still represents only 38% of total shares - still well short of a critical 50%.

Personally I don't think they would bother. If/when they are ready to attempt a takeover they will just use the 20% as a base and make the full realistic offer for the remaining 80% fully diluted.