Email from Cath, page-57

Interesting idea but still doesn't make much sense.

If TOTAL was taking COP 35% last year and simultaneously putting the offer to FAR for their 15% on the same terms as PE now then they would have it in the bag.

Also if everyone was "shocked" at how cheap it was then why wouldn't TOTAL put the call in to FAR and hit the go button in the first 30 days PE period?

I am thinking it must have been more than TOTAL were willing to pay, i.e. WPL outbid them. If something is "cheaper than you expect" you don't say "Thats very cheap - please can i pay more?"