From what I could see, the fundamentals were not good yet AGL has been one of the best performers in the last few weeks. I would have never expected it to run like it did except for the USD Index which tanked. To answer your question, I would expect a negative reaction, but who know, maybe something else is driving AGL up.
It should be easy to dispose but the price will be significantly impaired.. Companies will only look at mining assets are ridiculously discounted prices.. Because the operations are most certainly unprofitable at current commodity price levels. AGL would've been better advised to mothball some operations as they wont be as well positioned now for the upturn in the cycle.
Perhaps the GUPTA's will buy KIO on the back of a guarantee from ESKOM - to take her ore at 2012 prices (because that would save 4 years of inflation - so it will actually be for the taxpayers' benefit.) ESKOM could then embark on a world first - a scientific exploration of how to burn FE in her organic furnaces. It's all very exciting.
She would rather burn the suppliers (pun intended.) She helped sink OPTIMUM then turned around and guaranteed offtake on the very coal she had so severly criticised - the difference being that this time it was to assist the Gupta's to raise finance to buy the miner.
Depends on your view on the underlying commodity prices. I have taken a position - about half of them left now. You may never get the chance to buy an asset of this scale at this price again. AND they trade nicely in the meantime. "You pays your money and you takes your chances."