10-09-2014, 12:57 AM
You make my point exactly JFT. No one in their right mind is going to pay as much or more for 40% of one lease as they could for the entire company. If they do they should be in another business. Owning 100% for a reasonable premium is far more likely than IOC getting paid its market cap or more for a portion of one lease. This is already Total's company to do as they please. If you believe your own words its a no brainer for Total to pay $120 bucks for all of IOC. As long as we languish as an undervalued junior anyone scoffing at $120 needs to have their head examined. Frankly the way Hession is going it could be considerably less than that. A hostile today could get it done for under $100.