If AOE does not up the offer and decides to step aside, but not...

If AOE does not up the offer and decides to step aside, but not selling their stake in PES, as I mentioned before, PES cannot be incorporated into BG's Company but continue to trade as a separate entity.
Thus AOE will still make profits from any profits PES will make.

I do also think that if AOE does not sell their stake, same as for Shell especially, they can ask for a couple of sits in the new Board of PES.

DYOR.

Buddy