url: universal and vulcan to merge , page-52

I don't know who controls whom in the merger deal.

Based on 6.85 ratio, URL has to issue 1.55B new shares to VCN, but URL itself has only 0.67B shares on hold.

So in the new company still under the name of URL, the old URL only holds 30% of interest, and VCN holds 70%. That's the deal!

URL management team may just sell shareholder's copper interest to secure money for their salaries.

I believe the big share holders of URL are angry and they may have taken some actions against the merger.

Market does tell something.

Cheers