'cybersssss' -- Many reasons, especially financial motivated ones, where total should not sit idly by and allow Exxon to control the gas in png. So why is total rolling on their backs???? Beats me. Perhaps that is how they do business. Not the smartest way.[/quote]
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I believe I can propose a logical answer to your question. I don't think they are rolling on their backs. Their best case scenario at this point is to have IOC survive, because they likely believe they can reduce or minimize certification payments. I think they believe this to be the case if IOC stays independent and also if OSH owns IOC. This may not be the case if XOM wins. So, if you're TOT, and convinced you can't let XOM win, you have to bid? Maybe eventually, but not yet. Why not wait and see if the IOC shareholders vote down the deal? If they do, then you're back in the catbird seat (tot against IOC) without having to buy IOC. If the shareholders approve the sale, that's when they need to make s move. If I were TOT, I'd hope IOC shareholders vote the deal down...but I'd pounce after a vote that approves XOM.