I agree this (and perhaps others, well, perhaps not given current market conditions….who knows?) is important, but there could b e another (plausible) intrepretation. That is, OTP recognizes itself as a universal owner and uses it commanding position in Bell to that effect. Perhaps a long shot (I’m doubtful), but have had some interesting discussions with trustees of large U.S. funds who are (were?) thinking about a similar public pension fund buy out, by-passing the Wall Street middle people. How might they behave? What would (should) ERISA say? This is uncharted territory.

Just a few thoughts.