steady price of exco at 64-65 cents, page-21

I think it was a smart move by Ivanhoe not to compete with Xstrata for Exco. They have been patient and I suspect could well step in now with an offer for Exco and its cash box. Ivanhoe Australia is Exco's largest shareholder and holds adjacent ground to much of Exco's remaining leases. An offer of one IVA for every 2 EXS shares would do the trick and cost Ivanhoe very little in real terms.
A real possibility in my opinion.