I don't think so, remember FWR sp with KWG/SPQ sp relationship, when FWR was up also duo KWG/SPQ was up because of JV, also if SPQ will be taken over for higher price then UC JV will be much more valuable, let say UC is next to go but not right now. For me it make more sense:

DDI = SPQ + KWG - (Cr + Ni);

CCC = SPQ + KWG

UC will be then in JV with CCC.

Just my opinion...

Good luck to all SPQ shareholders!