Mark M should help with the resources.  Why would you go exclusive with anyone on Metals at this point?

-----Original Message----- 
From: Sherriff, John 
Sent: Fri 11/16/2001 4:50 AM 
To: Muller, Mark S.; McMahon, Jeffrey; Fallon, Jim; Whalley, Greg 
Cc: Brown, Michael - COO London; Gold, Joe; Evans, Mark (London Legal) 
Subject: Confidential





Joe Gold and I spoke today with BHP regarding the Metals business where they are the top prospect for a sale.  Joe is on point in

this discussion which will start in earnest on Monday here in London.  They would also very much like to discuss buying our

operations in Japan and Australia.  For Japan they will confirm this desire on Monday but we will have to put someone on point

to manage the joint process of looking at the power development business (ePower with 15 employees that we own 80% of) and

the Global Markets group which has quite a few more. 

I am inclined to go exclusive with BHP on Metals.  Although Shimmelbush is another prospect, there is not a long list 
of potential buyers for the entire business.  For Japan and Australia I doubt if we would want to go exclusive.  My guess is

that we should offer them a look at Steel after Metals and not in parallel. 

And now for Australia.  We had planned on keeping it because it is core relative to the commodity (electricity) and it will raise

at most $10-15 milliion.  But it is on the other side of the world.  I now think that we should sell our Australia power business.

Do we have any deal people to lead the effort for us?  Most of mine are engaged in selling Metals and the Credit business.  Any

disagreement about selling Australia and do we need Dyn approval before we proceed? 

BHP really wants our Coal business and I told them this was core but they will keep bringing up the subject.  

John