Tax losses may contribute, and they certainly would have marketed Otto to most mid-cap Australian O&G companies, but I can't see tax losses playing a (significant) role, therefore they are most likely worthless, or worth a very modest amount at best, imo.
Specifically,Otto could sell some assets, and keep some assets, but the less assets kept, the more likely the ATO would disallow the tax losses.
- the most likely high bidders are unlikely to be able to use Australian tax losses
- the ATO can disallow the tax losses if they deem a transaction is in part to gain a tax advantage.
In addition, I believe that if Otto sells the USA corporate entities which hold each asset for more than book value, profit/gains in Australia and would use some/most/all tax losses.
We can always dream that all losses are used, and we have to pay some tax
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