31.   What sparring like that between Wyser-Pratte and Goldman also makes clear is that even the so-called experts differ on how to value a company.

32.   With the economy slowing, investors are clearly wrestling with the problem of how to value companies in such an environment.

33.   But they also said it would have virtually no impact on how they value the company.

34.   He said Philip Morris was trading far below what the market valued comparable companies not in the tobacco business.

35.   He said this had caused investors to make guesses when valuing Indonesian companies.

36.   In Europe, analysts more commonly value companies on a sum-of-the parts basis.

37.   Nevertheless, the issue is key because of differences in the way that analysts value companies.

38.   The statement said an international consultancy firm has been hired to value the company ahead of the privatization.

39.   Their companies were valued at roughly the same amount, making a merger of equals possible.

40.   It said that in valuing the company it had taken account of a fall in the price of shares in financial companies quoted in Paris.