mind staggering dynamics all leading to profit for CHM and FNC. I need to think and phone some more. My immediate reaction is: how does Arcelormittal feel about this? I'm fairly certain they've signed non-disclosure agreements with CHM. Arcelor stated that they want vertical production, 1.2billion chm iron is beyond a doubt their approach. We've been surprised they didn't take out Consolidated Thompson a long time ago. Now they see Cliffs consolidating fermont land by aquiring Thompson. Conclusion: a bid war for CHM 1st quarter 2011. first offer I predict will be from Arcelormittel. Now lets examine FNC's position. they were possible temptation to Cliffs in ROF. Now owning 17.5% CHM and Lac Lamalee makes FNC another possible temptation. this is a pure logic streaming, so don't snicker Deb, but if I were a Cliffs considering taking out FNC, I'd schedule a mid-winter helicopter to Magpie to see what I'm buying. Now we are triple temptation to Cliffs. Yes, Cliffs could go for FNC or CHM, but they've first got to deal with 4 billion offer. plus there is a complicated dynamic in Thompson's Largest shareholder Wisco. I have no idea how that will play out. so while Cliffs is preoccupied with the whirlwind of an offer, Arcelor will consolidate before it's too late, just as it may be too late for Thompson. Plus I'm sure arcelor were mixed in the talks with thompson and Cliffs won. Now that it's done arcelor can focus on chm and fnc. excuse lack of line spacing. I'll retype once I'm at my computer. -sg