Why has Glencore/Xstrata left it so late to consider a bid for AUO? With CEY's 1/3 holding hey have no hope of a full takeover, and would be lucky to grab a majority holding. If they were serious they would have bid a month ago.
It's either a hedge play for a quick franc, or the start of something bigger (other coal co's potentially in play). My guess is the hedge.
