It is going to present some challenges. They are probably the only natural trade buyer for the business, so the market is saying, yes, it is good, but there are these issues.

The losers are obviously Patrick and Toll shareholders today. The winner is anyone interested in buying a ports business, and there's obviously a lot of interest in ports. You see that with the very aggressive bidding for the P&O business.

The dynamics of the industry are quite attractive at the moment with expanding commodity production, and they are also exposed to construction and quarrying which has been growing in North America.

The new bid competitively pushes into the range (of independent valuations) without breaking the back of the entity post acquisition.

Obviously, it is game on.

We have no indication that the cartoon row has had a negative effect on trade and business there. The top executives in the region are highly educated and have close relations with their German counterparts. They are not affected by the conflict.