there is genuine competition even if there is only one trade...

there is genuine competition even if there is only one trade buyer.

if macquarie is not running a float proposal alongside the trade sale process they are not doing their job properly. And they will be doing their job properly.

They would not have had a float proposal on the table 3-4 months ago as it would have had no chance of getting away, but this would surely have changed in the last 6 weeks.

if you started the IPO process now it could be on the boards by Christmas. Like Myer.