It's long been known that Cougar is looking for a new business partner, preferably someone with a background in aviation, to replace somebody with a major shareholding. This was reported in Helicopters International as being VIH, but I understand they have since pulled out.
If it is another helicopter company, it would not be in their interest to dissolve Cougar into their own empire, firstly because the oil companies like the competition, and secondly, the expertise and the low offshore limits, plus the 9002 certification, would not automatically pass to the new outfit - they would only stay with Cougar and its current AOC if it was kept as a separate entity.
phil