In effect, BKW sold some SOL assets, and bought some US...

Yes - 0.63 SOL shares per BKW share is the current figure. It was previously around 0.68 before the SOL selldown.

In effect, BKW sold some SOL assets, and bought some US brick-making assets instead. The sums involved were pretty similar, so it was basically a swap.

I agree with the BKW board both in that SOL was overvalued at the price it was sold for, and that the US acquisition makes sense. I am happy with both moves. You're right, almost half of the value created by these moves accrues to SOL, since they own a large share of BKW.

But I back your choice of BKW over SOL. You get the same assets in slightly different proportions with either buy, but those assets are much cheaper at Brickworks than at Soul Patts.