In a corporate JV with a major (almost any motivated major) , you are not being bent into or out of shape by a raider such as Icahn, you are forging a strategic alliance to get to where you want to go (value maximization) as efficiently and safely as possible. NOT cannot be an Xstrata, nor can Xstrata ever do what RN did to pioneer the RoF. Together, a JV can be be very powerful to accelerate value quickly without the slings and arrows.