BGPWho owns BGP? CNPC.
CNPC is a +$200B market-cap company that has the capability to buyout both CGX and Frontera without blinking an eye.
I would bet my bottom dollar CNPC exercised their CGX rights.
An investment in Frontera and/or CGX provides CNPC the ability to control key oil & gas infrastructure assets across Latin America - a key area of focus for the Chinese. This would include access to existing / future deepwater ports, pipelines, etc.
We may already have our future JV partner in CNPC. I personally don’t believe CNPC needs to make any near term tactical move to advance their position in CGX. When a company is in position to come over the top of any competing bid - that company does not have to worry about the tactical moves by others. Instead, those companies focus on the biggest move and the biggest payoff - which is usually the last move to be made....