I read an article in the AFR yesterday suggesting that Andy Penn...

I read an article in the AFR yesterday suggesting that Andy Penn may look to offload some underperforming TLS businesses, however I dont think Fred would be up for sale anytime. Telstra however is a potential buyer/partner in any industry consolidation, and consolidation can't be too far away given the diminishing returns of the industry. At least everyone can see that COO has a strong balance sheet, so given its share price and extremely low EV/EBITDA, I suspect COO will be getting a few approaches in an attempt to speed up the consolidation process. It will be interesting to see how Bill P plays his cards in the coming months.