The two companies are set to join forces under a Scheme of Arrangement whereby MTU holders will receive 1.625 VOC shares for each MTU share. The notional market cap of the Merged Company will be just over $3bn, with 529m shares on issue. The combined business will have FY16E revenue of $1.78bn, EBITDA of $367m and Underlying NPAT of $187m, based on adding our previous forecasts for the two companies, excluding any synergy benefits.