I'll split my comments into two parts, general and specific....

I'll split my comments into two parts, general and specific. (General) In any arrangement like the one that just came about, system and structural redundancies can be eliminated to produce cost savings which has the ability to pump EPS in the first year of accounts consolidation. It is then back on track to grow business into various regions, find new customers, launch new products and so on. IT softwares, human resources, overheads and marketing expense are some of them and are somewhat easy to conceptualise. So the basic goal here is to increase EBIDTA margins.

Synergies in this particular scene can be largely similar to general scenarios other than them increasing the cost of service to its customers which will come as an indirect benefit of better market power. Numbers are very hard to tackle in this case. As I pointed out that "scheme of arrangement" had become a real possibility in my previous post, few days earlier. I had thought that it could come from private equity or Superfund or both in a combined deal, not from SG Fleet. First of all, SG Fleet does not have the money to buy it, even if they do, they'd be highly leveraged and indebted to someone. They just don't have that level of firepower. I think SG Fleet played it dirty. They bid a price, capping the share price growth beyond that point for a competitor, potentially. They were only interested to see ECX's books and then bring some smarty pants move to not do the deal after studying closely. And ECX's would have rejected the deal completely and not disclose its business secrets and future plans. It is called "Corporate Politics" and sadly these kind of handicapping moves are made. It is an unserious offer. All my view only.