A little surprising perhaps, but a very solid outcome here for shareholders, imo.
Still have a toe dipped in whatever potential ETE are able to squeeze out of Alaska, via the ~1 for 2 issue, and still have our Mongolian behemoth.
Better for us then for ETE to my mind, but at the moment the market is saying otherwise, for the time being. In any case ETE look like a fairly frugal bunch, so a default position there (if it happens) is not such a bad thing at all.
