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@andyp
I'm not saying it won't make money, but that's not what is being debated here is it? When it floats it will do so at a certain market value, which reflects the current financial situation and will include all assets. To maintain that market value it will need to, at worst, to continue that level of income, but more likely grow it. I don't think it will. Tommy seems to think differently, I'd be interested to understand how.
As for the pension scheme nationalisation, I believe the company will still have significant obligations to fund it, even though it's been nationalised (which was only done to allow the privatisation to go ahead).