To PE or not to PE, page-51

http://www.globelawandbusiness.com/OGM/sample.pdf

Page 30 pre-emption rights

QUOTE
While less common, pre-emption may also apply on a share sale where a coventurer’s right to pre-empt is triggered by a change of control in the asset-holding company. In such a case, the asset-holding company is required to offer its coventurers a right to acquire the upstream interest offered for a monetary amount equivalent to the value ascribed to the upstream interest in the share sale. The valuation method and a mechanism to resolve any valuation disputes will need to be clearly described in the sale and purchase agreement.
ENDQUOTE

So for example COP Senegal BV - the asset holding company may have ascribed $600m to the JV asset in the notification and they dont have to talk about liabilities of the holding company that WPL bought.

WPL terms would be for the purchase of the holding company, FAR would not have the right to see those terms, but they did have the right for 30 days to acquire the 35% of SNE or dispute the valuation in the notification using the defined process.