The apex of the 80s takeover frenzy was the battle for BHP. It was a struggle for control of Australia’s biggest company involving three prominent raiders – Robert Holmes a Court, John Elliott and John Spalvins.

Spread over four years, it generated panic in the Melbourne business establishment and a fundamental reordering of perceptions of the role of management and shareholders. As Malcolm Maiden commented in the Financial Review, Holmes a Court could “claim responsibility for the development of an entire sector of the Australian equity market through his use of stock exchange-traded options in BHP”.