F451,

I don't disagree with your read of Wyloo's comments, however I read that Wyloo is now saying they are willing to sell. If I'm not mistaken, that's the first time they've admitted that. 

As you say, the $64,000 (or maybe $1B) question is what does Wyloo think it's worth? That's why I suggested BHP may have gathered some intel through the course of the "discussions". 

If Wyloo and BHP are privy to more details of the deposits than we know, then BHP may be thinking retail's price is somewhere between the current SP and what Wyloo is asking for.

Keeping in mind their (both BHP's and Wyloo's) goal to buy NOT for as little as possible, and BHP's insistence that they don't need Wyloo to win, then getting retail on board for less than Wyloo's ask, would achieve that goal.

Cheers, 

Hobbit