Looking into more details at DRC / Siemens and the view that the Merger Agreement is much tighter when it comes to Siemens Obligation to do everything they can to meet regulators demands to close this transaction successfully.Arguably this limits Siemens ability to walk away "thanks" to regulatory hurdle, but I think the spread at the current level does not reflect the risk and downside of this deal.Siemens has obligations to do everything to meet regulators requirements for the transaction to close, but the regulator, in this particular case the EU has no obligation at all, and unlike the FTC which keeps a very econometrics approach when it reviews transaction, the EC has a much more political view which in my view creates uncertainties that are not reflected yet at the current price. We are yet to see a decision on a Phase 2 deal of that complexity by the new commissioner. Jazztel is likely to be the first one.When you see the caution with which MRK is taking to comment on the EC and other regulators process, I cannot help myself but to wonder about the new risk in this trade.Another thing that should be priced into the risk associated with DRC / SIE now is the end date at which SIE can walk away. 31/12/2015 and Siemens can walk away, it's more than 8 months away but still If the EU stops the clock there are under no obligation.With this in mind Office Depot looks like a better deal in term of risk reward and downside as well as being administered by a better regulator but still offers 2% more than DRC in return on an annualized basis.If you still want to keep exposure to the deal given the potential return a Chinese position in BHI/HAL could be an interesting angle as the spread at below 15% annualized is way too tight, and the regulatory process could prove even more complicated than for DRC / SIE, and a brake in DRC would trigger a widening of BHI/HAL. SIAL/MRK and TRW offer lower return but much better risk profile.