merging of cnp and cer, page-5

The Centro group is a highly complex structure. I imagine it wouldn't be a simple operation to merge, on the basis the structure was setup to prevent the group falling apart. ie. unable to remove one piece without the entire structure falling over, and has worked wonders to date, allowing the group to fix themselves.

I would also think that transferring ownership to a new merged entity, would involve land tax, stamp duty, legal costs etc... you would have to say minimum of 5-10% at a guess.

Also keep in mind by doing this the banks would probably be swapping unsecured debt, for secured debt (what is left of unsecured debt).

I'm not sure about the % of shareholder approval required. Most likely though would need to get majority of CNP holders to agree, as CNP own 51% of CER.