Ann: Orocobre and Galaxy Merger - Announcement, page-609

I look at the merge this way.

Two brothers are walking along and they both find a big beautiful uncut diamond. Sure they could sell their stones separately or they could join together and have them sold together and halve the money. But what's the point in that right, they sell twice as much but they have to split the money in half.
It would seem that by joining together it would add no value at all. However one brother has surplus funds to get the stone cut but also has anxiety and inexperience he has looked at every way to get his stone cut but is lying on the ground in the fetal position unable to make a decision.
The other brother has had stones cut before, he knows the good cutters from the bad, he has a few funds also but not enough to take it to the gem cutter who will bring out the full value of the stone.
Together they have two big stones, the experience to get a good job done and the funds to pay the best gem cutter.
I think the merge could add a premium to ORE and GXY because they can make use of each others strengths and cover their weaknesses.