I think it seems all quite simple. Split the company because...

I think it seems all quite simple. Split the company because they have vastly different risks, one company for income (ACL Fonda) and one has a massive risk but massive potential for huge income post 2014. The company with income gets taken over sometime in 2012 (but before ACL Fonda goes too far with Euro approval) and as a result realises some much awaited return for shareholders albeit at a lower price and the shareholder had the chance in 2011 to hold on to the risky side. Now if we kept ACL as it was it is not a takeover target as these majors do not want the risk they want return for their shareholders and that is what ACL Fonda will have. Then they watch the risky stuff happen, see the results and takeover that when the risk is mitigated.