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October 09, 2023
Good Morning,
NZ Parliament has passed the Artist Resale Royalty Act, the RBNZ has kept the OCR at 5.5%, retail crime is costing NZ more than $2.5B (NZD) a year, Robotics Plus brings to market a versatile autonomous vehicle for various applications, and Sanitarium believes its decision to cut the supply of Weet-Bix to The Warehouse was not a breach of the Commerce Act.
Let’s jump in!
Before The Bell
Markets
European natural gas prices declined as mild weather offsets the supply risk (BBG)
Australian inflation is past its peak and recent data suggests that it may fall back into the RBA’s 2% to 3% target range by late 2025, according to a statement from the central bank today. (NBR)
A torch has been lit under the housing market, driven by increased migration and a view that now is a better time to buy, even if high interest rates and cost-of-living bites into household budgets. (NBR)
Business confidence has improved further as it becomes easier to find staff in a bigger labour market, while South Island regions are top performers with open borders and tourism. (NBR)
Russia’s seaborne crude exports jumped to the highest in three months in the week to Oct. 1, lifting four-week average flows to a level that’s broadly in line with the country’s pledge to reduce overseas shipments. (BBG)
Shares of Dutch health tech company Philipstumbled to the bottom of the European benchmark on Friday, after the U.S. drug regulator deemed its handling of a major product recall inadequate (CNBC)
The US markets suffered from increased interest rate worries after better-than-expected job data
US bond yields hit their highest level since 2007
Earnings & Data
Pacific Edge fell 15% after the FDA released for public comment rule changes that would have lab-developed tests regulated as medical devices (NBR)
KiwiRail has recorded an above rail operating surplus of $156.5 million in the year to the end of June, up 17% on the previous year. (NBR)
The number of instances of greenwashing by banks and financial services companies around the world rose 70% in the past 12 months from the previous 12 months, a report on Tuesday showed. (RT)
US job openings beat expectations, coming in at 9.6m job openings for August, up from 8.9m in July (WSJ)
News Summary
Monday
Tuesday
Sanitarium believes its decision to cut the supply of Weet-Bix to The Warehouse was not a breach of the Commerce Act. (NBR)
Almost 200 Costco workers who are members of the First Union have signed a pay deal that will include a starting rate of $26.50 an hour. (Stuff)
There are now more than 18,000 mortgages on which payments are past due. (Stuff)
Wednesday
Friday
As water quality concerns continue to gain attention nationwide, Hastings is marking a significant milestone, seven years after a deadly water contamination outbreak (1 News)
A popular swimming event in Auckland has been knocked back a week as authorities race around the clock to bypass the crucial sewer link underneath the city's newest and biggest sinkhole (1 News)
The buyout process for flood and cyclone-affected Aucklanders is set to start later this month after the council agreed to a cost-sharing agreement with the Government (1 News)
Weekend
Deal Flow
Investments / M&A
Australia & New Zealand
Aussie Broadband hired Goldman Sachs to help it prepare its $3.15 (AUD) per share takeover offer for Symbio (AFR)
Chinese Steel giant Baowu is looking at potentially selling its 50% stake in Queensland’s Eagle Downscoking coal mine (AFR)
Australian superannuation and investing start-up Spaceship is looking for buyers again (AFR)
At least four NBIOs have been received for Queensland-headquartered Cura Day Hospitals. Firms that have lobbed bids include PEP, QIC, Intermediate Capital Group & Partners Infrastructure (AFR)
The Government made repeated efforts to get American multi-national investment company BlackRock to set up a climate investment fund here, but it still is not clear what it offered to get the fund off the ground. (NBR)
Superloop, the internet service provider founded by entrepreneur Bevan Slattery, is considering lobbing a higher bid for software group Symbio despite describing its last offer as its “best and final”. (AFR)
TPG Telecom and Vocus are expected to continue talks over the potential sale of ~$6B (AUD) worth of assets despite the expiry of an exclusive period of due diligence (AFR)
Octopus Investments Australia, a renewables player backed by superannuation players Hostplus and Rest Super, has acquired Queensland’s largest proposed battery project from Sydney-based Firm Power. The battery project is expected to have an EV of $800m (AUD) once it is up and running (AFR)
Singapore Power’s subsidiary Temasek has hired Goldman Sachs to find a buyer for its 40% stake in gas and electricity distribution giant Jemena (AFR)
WiseTech Global, a freight software provider, has purchased the online marketplace MatchBox (AFR)
Smart Energy, a supplier and installer of residential rooftop solar and battery systems, is trying to find a new partner to help grow the business (AFR)
MinterEllison has acquired higher education consultant Wells Advisory (AFR)
Sir Bob Jones’ company has acquired an office building in downtown Auckland that was recently valued at NZD$70 million (NBR)
Key Global
Singapore Telecommunications has sold its 98% stake in cyber security business Trustwave to MC2 Titanium (RT)
Hungary plans to sell non-strategic assets to help fund its purchase of Budapest Airport (RT)
Eni SpA’s plan to set up plants to source approximately 700,000 tons of biofuel feedstock from Africa by 2026 will cost as much as €700 million ($735 million), according to a senior company official. (BBG)
Eli Lilly, an American pharmaceutical company, has agreed to pay $1.4B (USD) for cancer drug maker Point Biopharma (BBG)
BP is exploring the sale of its $1B (USD) US pipeline (RT)
Brookfield has acquired the UK onshore windfarm operator Banks Group in a deal worth ~$1B (USD) (BBG)
Australian company Computershare has agreed to sell its US mortgage portfolio for $720m (USD) to asset manager Rithm Capital (RT)
Gina Rinehart has increased her position in lithium miner Liontown to 14.67% (BBG)
Fenway Sports Group has ended its search for new investment in Liverpool FC by selling a minority stake in the English football club to New York-based private equity firm Dynasty Equity (BBG)
French pharmaceutical firm Sanofi is exploring a potential acquisition of cancer drugmaker Mirati Therapeutics Inc. (BBG)
Suncor Energy on Wednesday said it would acquire French energy firm TotalEnergies'Canadian operations for C$1.47 billion (USD$1.07 billion) to bolster its bitumen production capacity (RT)
VC & Fundraising
NZX-listed medicinal cannabis firm Cannasouth has announced that it is cutting jobs, will need to raise capital, and has pushed back dual listing on the Australian Stock Exchange, as verification of its dried flower product has been delayed. (NBR)
Machine and equipment rental business Clennett Hire has ruled off a $3 million funding round to fast-track its growth plans. (AFR)
Brookfield Asset Management has raised $12B for a new private equity fund (WSJ)
Bain Capital has raised a €6.4 European buyout fund (BBG)
Anduril Industries, a defence startup, is in talks to raise $400m to $500m (USD) (BBG)
Christchurch-based med-tech company HT Systems is trying to raise $1.5m (NZD) via the crowdfunding platform PledgeMe (NBR)
ASX-listed Wellnex Life is set to press play on a AUD$12 million equity raising (AFR)
Equity Raises
Australia & New Zealand
NZX-listed software company TradeWindow has issues with its recently signed partnership with UK company nChain. It has been revealed that nChain can not fund its promised capital injection (NBR)
With SailGP Technologies relocating to the UK, its 70,000 square foot Warkworth-based manufacturing complex and 50 of its staff have been snapped up by space systems firm Rocket Lab USA Inc in a lease arrangement. (NBR)
Masons Stevens, a wealth technology company, is pushing ahead with its planned IPO before the end of the year. It is currently holding meetings with fund managers (AFR)
NZ-based honey company Comvita is mulling an overseas listing (NBR)
Key Global
Mandatum, a spin-off from Nordic insurance company Sampo Oyj, has debuted on Helsinki’s stock market at €3.70, giving it a market value of €1.86B (BBG)
Indonesia’s Barito Renewable’s is poised to raise $203m (USD) via an IPO in in Jakarta (BBG)
Eagle Football Holdings LLC, the owner of football clubs from Britain to Brazil, is considering raising USD$200 million in equity ahead of a potential listing in New York (BBG)
Cargo firm SAL Saudi Logistics Services Co.received orders worth USD$48.6 billion for its USD$678 million initial public offering, which is set to be the kingdom’s second-largest this year (BBG)
Debt, Restructuring & Bankruptcy
Carlyle is seeking $2.5B (USD) in debt financing for its bid for one Medtronic’s units (BBG)
SAS chose Air France-KLM and PE firm Castlelake to anchor its $1.2B (USD) restructuring (BBG)
Ngāi Tahu’s Oha Honey will be wound down after suffering losses of $23m (NZD) (NBR)
Rio Tinto has loaned $US100 million (AUD$157 million) to the Chinese and Singaporean companies that will build railways and ports for Guinea’s Simandou iron ore project, in a major show of faith in its consortium partners, rival miners and the grand plan to build an African iron ore industry (BBG)
The owners of Chelsea FC are considering increasing their borrowing by as much as £250 million (USD$305 million), people with knowledge of the matter said, as they look to continue the free-spending that’s defined their short tenure in charge of the English football club (BBG)
Job Board
New Zealand
Australia
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