Businessmen want the government to start by putting out to tender Callao's less controversial new terminal.

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Also last year, China's JF-17s and Russia's MiG-29s competed in a tender from Myanmar, which eventually chose the Russians, but paid less than they wanted.

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"The odds are 50-50 that they'll do it without a proxy fight or a tender offer at this point, " Owers says, with the odds of a less-than-friendly combination increasing every day.

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