Agree Greg.The assets are very much divisible and could be sold...

Agree Greg.

The assets are very much divisible and could be sold in a number of ways - and it must be remembered that they are not in a situation where they must sell everything.

A price for the whole company is only one option (and I would think the least probable) - given the divisibility of the assets and that different players would covet particular assets over others. For example, AGL and Origin would find those assets in Qld, NSW and Vic quite attractive given their retail loads in those states whereas other parties who presently operate in WA would be eyeing BBP's assets there.

The interesting thing with BBP's portfolio is there are some players who probably have a need (or strong desire) for some of BBP's assets because of their existing retail exposures and the CPRS and hedging benefits that would come with additional gas generation assets.

A split would still deal with BBP's debt issues allowing it to restructure it balance sheet thereafter around those assets retained. Time will tell. It will be interesting to see how BBP plays it to keep some price tension happening.