Ann: Investment and Offtake with General Motors, page-59

As at the date of the announcement of the deal, the fact that the shares are being issued at a premium means that the deal is in fact accretive, rather than dilutive, from a banker or analyst's perspective. Every $1 of shares issued is $1 that goes onto the balance sheet of the company (before transaction costs). The same goes for the options as the exercise price is at a premium to the market price prior to deal announcement.

And the shares will sit on GM's books for "eternity". Minority shareholders cop a little "dilution" to future EPS and (eventually) DPS. So what? The deal (in its entirety, as negotiated between the parties, including the options) enables QPM to generate future EPS and DPS.