FAR clearly lacks the financial capacity to PE. So in order to...

FAR clearly lacks the financial capacity to PE. So in order to pursue PE this far, FAR would have to have a very solid on-sell deal already in the bag or close to it. There is no reason for it to not be with WPL, as anyone else would be disruptive to the project and not in FAR's or anyone else's interest.

For WPL to do a deal before the arbitration decision, they would have some explaining to do to their shareholders. This is not beyond the realms of possibility and could happen any day. However, if FAR believe they have a strong case (which they do), then they will want top dollar and would be disinclined to accept a compromise price early. If FAR are successful, then IMO it is certain that they will onsell to WPL. WPL will then have as pretty simple face-saving explanation for their shareholders.

The deal is already done IMO. It is just a question of whether both parties have decided to roll the arbitration dice (with WPL having a slim chance of getting out of jail free and FAR looking very red-faced but otherwise unscathed) or arrive at a mutually-agreed price and explanation early. COP of course don't care what happens.