Barbu,

That's correct, thanks for pointing the details out. I was aware of CLF keeping FWR and SPQ as separate entities (Canadian subsidiaries), but I was using "simple/loose" language.

Perhaps, a reason for keeping those two separately is to have a toe-hold via Canadian companies so that their RoF holdings could be treated more favourably under the Cdn laws (taxes, subsidies, etc...?

Your "right of first refusal" speculation for KWG if CLF would merged SPQ to FWR is quite interesting though.

Better have a tete-a-tete with Frank for the real story.

goldhunter