Summary Update, page-20

Not suggesting that we will come out of this on top. But I'll comment on this and then, hopefully you'll have a re-think and start seeing what it could be all about... and hopefully change your attitude

"That everyone here seems to think that some big oil company is going to swoop in and save the day beggars belief. Not because I am a downramper, but because I am realistic. Any major oil company had the option to purchase this at the same time as Woodside. So why didn't they?"

This had always been a case of who can stay patient ( Outwit,Outsmart, Outplay) and not making the first move.... It's not about saving the day... rather having waited for the right moment to swoop because of a long term strategy.
Again, it comes back to the question... If all the big players knew that COP was a seller, why make the first move, specially if there is a likelihood of ending up in a bidding war. Whereas, if they stay calm and out of the picture, the desparate, anxious one will eventually rock up (WPL) and make a swipe... And a "low price" is locked in.... no more price bidding for that part. In the process, I think, WPL and COP, being full aware of big sisters watching and waiting, tried to construct a transaction in a way that would keep/permanently sideline the big players... we'll have to see if they succeeded.
The big players would know that an offer, once accepted by COP,will open the gateway to work through a remaining JV partner who can pre-empt. In the process the seller (COP) and original buyer (WPL) is knocked out of the process with no prospect of a comeback... Thus leaving the one prospect that CNE might pre-empt if there is a full T/O of FAR. I doubt that this will happen... FAR and the new big player will be wary not to trigger a new round of PErights. The only way for WPL to then re-enter, is to make a huge offer for FAR's 15%. ..an offer FAR simply cannot refuse.

In summary. Big sister would have been sitting in the shade, having a cuppa... she now stood up to go and pluck the red rose.