Jarden's CEO is stepping down

March 02, 2023

Good Morning,

Jarden CEO James Lee will leave in March, CBA and NAB have hiked selected rates for new customers, FBI Chief says Covid-19 most likely originated from a Chinese government-controlled lab, the US has banned federal employees from having TikTok on government-issued devices, factory activity in China is booming whilst Japan's shrinks & Tesla will build a new factory in Mexico.

Let's jump in.

Before The Bell

Markets

  • NZ market turnover for the day was $134.5m (NZD) and was down very slightly as earning season comes to a close

  • The ASX ended marginally down after reports of increased Chinese manufacturing activity boosted mining stocks, cushioning the declines from big banks (AFR)

  • Pushpay's shares have entered a trading halt pending an announcement on the takeover vote

Earnings and Data

  • The Australian economy grew 0.5% in the last three months of the year, below expectations of 0.8% (AFR)

  • Australian monthly inflation was down to 7.4% from 8.4% and below the expected 8% (AFR)

  • David Jones announced that adjusted operating profit grew 245.8% to $106.5m (AUD) in the December half (AFR)

  • Meridian Energy announced that net profit for the half year was $201m (NZD), up 51% and that an interim dividend of 6c a share would be paid (NBR)

  • Vista announced that revenue was up across the board to $135.1m (NZD), beating guidance. EBITDA was up 63% to $10.6m (NZD), but net profit after tax was down 111% to a loss of $20.9m (NZD) (NBR)

  • Rocket Lab's annual revenue was up 239% to $211m (USD), and said it expected growth margin growth this year (NBR)

News Summary

  • Gaming machine profits in New Zealand have reached over $1b (NZD) for the first time in 20 years (Stuff)

  • Meridian has raised doubts over a proposed Southland data centre after Remi Galasso left the venture (Stuff)

  • Abby Foote has been named chair of Christchurch City Holdings (Stuff)

  • Jarden CEO James Lee will leave in March (NBR)

  • Tourism Australia has launched a marketing campaign in China as the country reopens its borders (9 News)

  • Australia's biggest shopping centre Chadstone revealed a 10,000 square-meter social quarter (9 News)

  • CBA and NAB have hiked selected rates for new customers (9 News)

  • Australian PM Anthony Albanese has ruled out capital gains taxes on family homes (AFR)

  • FBI Chief says Covid-19 most likely originated from a Chinese government-controlled lab (BBC)

  • The US has banned federal employees from having TikTok on government-issued devices (BBC)

  • Two trains have collided in Greece, killing at least 36 people (BBC)

  • Factory activity in China is booming whilst Japan's shrinks (BBC)

  • Tesla will build a new factory in Mexico (BBC)

Deal Flow

Investments / M&A

  • Euronext has withdrawn its $5.8B (USD) offer for investment-platform Allfunds as both sides were unable to agree on a takeover (BBG)

  • Viasat's $4B (USD) takeover of Inmarsat Group to create the world's largest geostationary satellite company has been provisionally cleared by the UK's antitrust watchdog (BBG)

  • Canada's Baytex Energy announced it will buy US peer Range Oil Corp for $2.5B (USD) in a cash and stock deal (RT)

  • Belgium has raised $2.31B (USD) from cutting its stake by 33m shares in BNP Paribas (RT)

  • Tata Group, an Indian Conglomerate, has paused talks to buy a majority stake for $1B (USD) in Bisleri International, one of India's largest bottled water makers, over valuation concerns (BBG)

  • IHS, a New York-listed telecommunication infrastructure business, is considering buying Telkom SA's tower unit. It could be worth $472m (USD) (BBG)

  • Bruce Mathieson has crept up the Star Entertainment register to hold a 9.97% stake, having paid $141.7m (AUD) at an average price of $1.49 a share (AFR)

  • Downer EDI, an integrated service company in Australia and New Zealand, has added its Mineral Technology business to the sales heap. It is expected to be worth tens of millions of Australian dollars (AFR)

  • PE firm Apollo Global Management is in talks to acquire Arconic Corp, an equipment and parts manufacturer in the aerospace industry. A deal could value the company in the high $20-a-share range (USD) (BBG)

  • Questions are mounting about just how much PE Firm Potentia will increase its bid for fintech Tryo as the banking business that is being dubbed key to growth is likely to be of no interest to a PE firm (AFR)

  • KordaMentha is calling for indicative bids by Friday for Scott's Refrigerated business (AFR)

  • Goldman Sachs is considering a sale of GreenSky, the instalment lending platform (BBG)

VC & Fundraising

  • Bain Capital Ventures has raised $1.9B (USD) across two new venture funds that will target investments across fintech, infrastructure, apps and commerce technology (BBG)

  • E-waste miner Mint Innovation will start producing gold and copper from its Sydney plant next month following a $60m (NZD) injection from the impact investing arm of Australian PE firm Liverpool Partners (AFR)

  • Medical technology start-up SpeeDX has banked $26m (AUD). $5m (AUD) was from Andrew Forrest's Tenmile health tech fund, whilst other investors included the Platinum International Healthcare Fund and Northpond Ventures (AFR)

  • KMD Storage Trust, a recently founded investment vehicle, was seeking to raise $12.15m (AUD) to help pay for its first three assets (AFR)

Equity Raises

  • Self-driving firm iMotion is weighing an IPO that could raise $200-$300m (USD) on the Hong Kong Stock Exchange (BBG)

  • Retail Food Group, an ASX-listed global food and beverage company, is raising $25m (AUD) via an equity placement at a 12% discount to the last close (AFR)

  • ASX-listed material microcap Matrix Composites & Engineering is attempting to raise $20.2m (AUD) via a $6.3m (AUD) institutional placement and a $13.9m (AUD) rights issue on a one-for-2.95 basis (AFR)

  • Australia ed-tech company Cluey is raising $10.6m (AUD) via a $2.6m (AUD) placement and $8m (AUD) rights issue on a one-for-2.6 basis (AFR)

  • McEwan Copper is now expected to IPO in the second half of the year after it received injections of capital from Stellantis and a unit of Rio Tinto in exchange for 14.2% stakes (BBG)

Debt 

  • NAB has raised $1.25B (AUD) from its 10-year Tier 2 note. The deal price at a 6.16% coupon rate for $950m (AUD) worth of fixed-to-floating notes and at 217 basis points above the three-month bank bill swap rate for $300m worth of floating notes (AFR)

  • Retail Food Group, an ASX-listed global food and beverage company, has raised a $20m (AUD) long-term long facility via shareholder Washington H Soul Pattison (AFR)

  • Non-bank lender La Trobe Financial has told investors to get ready for an Australian dollar-dominated residential mortgage-backed security deal (AFR)

Daily Picks

  • Want to find out more about Australia's 5g evolution, check this article out here

Job Board

New Zealand

  • Craigs Investment Partners Investment Banking Intern

    • To apply, please send an email including a cover letter, your CV and your academic transcript as attachments to [email protected] by 12pm on Friday, 3rd March 2023

  • Forsyth Barr Investment Banking Summer Internship. To apply, please email a cover letter, your CV and your university transcript by 12pm, Friday 3rd March 2023, to: [email protected](please ensure that the subject line reads ‘Investment Banking Internship’)

  • Goldman Sachs Investment Banking Intern

    • Apply here by 4th March

  • Macquarie Intern role

  • Murray & Co Investment Banking Intern and Grad Roles

    • Apply here for internships

    • Apply here for graduate roles

  • UBS Investment Banking Intern

Australia

  • Goldman Sachs Investment Banking Intern

    • Apply here by 18th July for Melbourne and Perth and August 1 for Sydney

  • Macquaire gradate roles

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