capital raising price and amount, page-18

re the takeover talk on Downer - it is true that Downer is trading at less than a "sum of the parts" valuation. . . . .assuming you don't take a deeply pessimistic view of the Waratah Trains contract.

But that remains an immense unknown, and nobody will touch Downer as a takeover target until there is more certainty on this front. I doubt that will be until 2012. In the meantime, there is risk that Waratah costs the company hundreds of millions of dollars more than they have fessed up to so far. It is the poison pill, for now.