ROC and Horizon are equals in terms of the merger, they are in...

ROC and Horizon are equals in terms of the merger, they are in the same business and this is a case of 1 + 1 = 3 (or 4 or 5 down the track). But which company would you prefer to own? HZN is on the brink of breakthrough mega sales of gas with multiple trains in the wings. HZN is the construction phase of its LNG plant in PNG which is one of the most prospective area in the world. HZN is likely to be generating large profits by late 2015. Those profits will drive exploration and production in the new merged company - no more cr needed.
HZN and ROC are 'equals' but not in terms of value and that is reflected fairly in the merger arrangements.