proposed takeover values shs at a$0.1898, page-30

I'm neutral and tend to agree that this is prob equivalent to a 40c cash offer. We are not losing our investment or exposure to uk shale as would be the cash if cash offer.

The biggest plus is now total etc are dealing with someone who owns a near monopoly on uk shale play. Any future deals with igas-dart will be significantly more expensive for them. And there will be future deals.

Value has been added to both dte and igas from this. That's if total or someone else doesn't try and spoil the party with a cash offer. 35cent plus might make things interesting.