In all of this demerging and IPOing the WA assets would be...

In all of this demerging and IPOing the WA assets would be difficult in current market conditions. I suspect they were trying to do the demerge before the consolidation as indicated, but found they would have to wait indefinitely until better markets. So hang it get the most important part the consolidation done now.

Mitsui won't give one hoot if WA assets are there or not. They want to deal with a single entity which has control of M been achieved. Spin out of WA assets will probably have to wait.