centro finalises property groups merger , page-7

I think that the hedge funds are buying CER shares to have a great share in the merged company. 51% of CER is CNP which will be in the hands of the Hedge funds with the debt for equity swap. the 51% + the ~15% the hedge funds already own, would get up around the 70% which is what the author was talking about. Yes CNP is what they are talking about, but cnp's biggest asset is its current stake in CER.
Please correct me if I have not reasoned this correctly.