I can think of at least 30 different distinct scenarios of how the deal could be structured , with and without a "CUU 2". Certainly tax considerations will be taken imto account, probably Ernesto's and Elmer's in particular. One thing that could be part of many scenario's is full or partial payment in Teck shares. If a total price is negotiated for CUU, I would expect that Teck will say that their shares are worth more than $30 so the portion payable in Teck shares will be counted to convert to a Teck SP of perhaps $40 or higher. Of course this could be an area of much negotiation. Rip