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.

George Clapham

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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.

— George Clapham

BusinessPresentTrade

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.

— George Clapham

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

— George Clapham

Obviously, it is game on.

— George Clapham

Drucker said: 'If you weren't already in this business, would you enter it today? And if not, what are you going to do about it?' ... Simple, right? But incredibly powerful.