10 years down the track I wouldnt be surprised to see Todd...

10 years down the track I wouldnt be surprised to see Todd owning the whole lot - FMS and RTA

In between then as the infrastructure moves forwards maybe Todd (which has a director on the board of RTA) would fund a takeover of FMS by RTA.

So I see a takeover of FMS by RTA/Todd as the most likely, rather than a merger.

If it wasnt for the financial muscle of Todd then a merger would probably be the most likely