BY now, we all know the Chinese are coming. (To underscore that point, Sinosteel yesterday crept up to 5.9 per cent of the Murchison Metals register.) But we shouldn't forget the Russians. In September, Russian oligarch Alisher Usmanov's Metalloinvest pulled out of plans to inject another $53million into iron ore and coal hopeful Strike Resources -- it had already chipped in $50million -- citing the financial crisis. Under the terms of the deal, Usmanov, who also owns a stake in the Arsenal Football Club, would have bought shares in Strike for $2.75 each. He's since found a cheaper strategy to boost his stake -- buy on market. Usmanov's Gallagher Holdings yesterday revealed it had amassed a 19.9 per cent stake in Strike, picking up its latest bunch of shares at just 30c-32c each. It remains to be seen what the Russian billionaire will do. Any more than 19.9 per cent, of course, and he has to launch a full takeover bid.
SRK Price at posting:
32.0¢ Sentiment: ST Buy Disclosure: Held
