All depends on who is driving the process, TPD or STX. If TPD...

All depends on who is driving the process, TPD or STX. If TPD remains in control, I think the trade sale is the highest probability. If STX gains control, anything is possible. I note that V1 of the SOA "lacked detail on the demerger of Gurvantes" and V2 of the SOA ruled nothing out. The only thing I am sure of is that now is not the right time to transact on Gurvantes. The project is at the 500m mark of a marathon, let's at least get to the 1km mark before locking anything down. JMO.