"The Transaction is expected to yield net proceeds of $4.1...

"The Transaction is expected to yield net proceeds of $4.1 billion, representing $3.21 per share.
The indicative proceeds are net of the impact of separation costs, transaction costs,
other divestment-related costs and provisions, indicative capital gains tax, and other capital impacts.
Consistent with the approach taken in previous divestments,
the current intention is to return the majority of proceeds to shareholders"

Would shareholders' interests be better served by paying that as a cash dividend or by using that money to reduce their debt?

Interest expenses increased from $197mln in the June/22 half-year to $662mln in the Dec/22 half-year.

If those interest expenses are reduced by debt reduction,
might we expect an expansion of the P/E multiple from the current 20.7x to perhaps 23x,
more in line with peers QBE & IAG?