As you noted, one of the big benefits of the merger is an unwinding of the NAL ownership and PLL offtake agreement. I suspect the latter is becoming a fiscal nightmare at low SC6 prices for both SYA and PLL. A merger would simplify the arrangement and allow SYA/PLL to focus 100% on operational synergies.
Mergers are relatively straightforward eg SLR & RED and the rest is fixed by a big legal bill.
One big benefit of the merger which I haven't mentioned previously is the increased size of SYA/PLL (about A$800m) once merged. This would possibly enable readmittance to MCSI Indices and the ASX200 (If dropped on 1/3/24). This would encourage a stronger SP from institutional buying interest.
IMO only
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