Fact - they had offers that were way above the $3.50 when they...

Fact - they had offers that were way above the $3.50 when they looked at selling. They thought it was worth more. They are 18 months from running out of time in regard to Acland.

they have trashed shareholder value by paying far too much for oil assets which was not only price but actually the reserves were not there.

They decided to back a speculative and untried process for coal to gas and coal to liquids. Now written off.

They sold Surat assets at great price - since then they have not done much except run an exceptionally tight and competent business in coal mining.

They are not asset managers - They have not IMO used the time or funding well as they have proven to be only able to invest wisely in coal.

Look at a 5 year chart - If you think they have created value then I am not looking at the same chart.

They kept the money for Acland - I presume now spending it with Rio - watch this space if its a great deal the pre-emptive parties will exercise. If they dont its probably not cheap.

If you have evidence other than belief lets hear it - Morningstar are not flash but conservative and if they are prepared to say that then you have to look more closely at the deal.