Is there an option embedded in each of these cases? If so, what type of option is it?

Case 1
SuperSodas, an international soft drink manufacturing company of Latin American origin,recently acquired a 40% interest in a Southeast Asian bottler. SuperSodas’ stake was limited
because laws in the Southeast Asian country prohibited companies that were more than 40%foreign-owned from acquiring real estate. Among the synergies projected by SuperSodas was$87 million in revenue enhancements if the Southeast Asian bottler were to build another plant in the country’s southern region, which was currently underserved. Purchasing land and building a new plant would require an initial investment of $2.8 million.

Case 2
A large oil company has agreed to merge with a steel company. Their operations intersect nowhere. But the CEO believes that the debt capacity of Newco will be larger than the sum of the debt capacity of the two firms standing alone. The CEO has no plans to actually use this new debt capacity in the near term.

Case 3
Kinetic Utility, a company in the business of electricity generation, has agreed to acquire Alpine Utility. Kinetic’s generation plants are all gas- fired, while Alpine’s plants are all oil- fired. They serve the same market. Part of the rationale for acquiring Alpine was to achieve cost savings through greater flexibility in responding to changes in the relative prices of the two fuels.