I wouldn't doubt that PRE might have wanted to take out CGX, but that would have been a hositle take over and would have opened the door to other majors having an opportunity to make offers and the shareholers rights agreement would have kicked in and then if I remember CGX would have 70 days to shop for other offers and by then Jaguar results would be out and if good would have created a difficult situation for PRE to secure an ownership postion in CGX.

By doing a friendly deal now and leaving CGX with 67% ownership of the PPL's it gauranteed PRE a 33% ownership position without having to compete against any other offers.