Possibly/probably to the first point. Can't see how the next two...

Possibly/probably to the first point.
Can't see how the next two are true. It's not like they'll build a bigger plant than either was originally contemplating.

I think the key advantage is in combining the MOUs offtakes of both companies to create enough guaranteed demand for a single FID. Squeezing those customers on a floor price that works to get the project financed.

And secondly in taking a potential competitor off the market that may have sunk the V price had they gotten the go ahead during the other's payback period. So more certainty in a project progressing at some stage. More certainty in it surviving.In exchange for giving up half the potential gains to shareholders.

This time next year for a FID and an equivilent to 60 cents TMT SP perhaps? If I were holding a sizeable position now, I'd likely hold out for something like, or at least a run up to that given how illiquid TMT is. But then the opportunity cost is one people also have to measure.