TikTok Takeover?

Good Morning,

Former US Treasury Secretary Steven Mnuchin is targeting a purchase of TikTok from its Chinese parent company, prime Westfield retail properties in Auckland and Christchurch are for sale, McDonald’s stores in New Zealand, Australia and Japan can’t take orders after computer glitch, and liquidation activity spikes as IRD gets back to business.

Let's jump in.

Before The Bell

Markets

• The New Zealand sharemarket had a wild ride of price swings caused by index changes and fell for the fifth successive day (GR)

• Australia stocks among world’s worst this week on China concerns (BBG)

• Bitcoin eased to a one-week low in volatile trade on Friday, as investors took profit from its run to a record high and as another upside surprise on U.S. inflation dimmed prospects of early rate cuts there and dented demand for riskier assets (RT)

News Summary

• Small businesses' long-term confidence drops, nearly half expect turnover decrease (RNZ)

• Grocery prices consumers' biggest financial concern, according to a new survey (RNZ)

• EY NZ chair leaves after ‘historical behavioural matter’ raised (NBR)

• Hillfarrance Venture Capital’s new general partner fired, threatens wrongful dismissal action (NBR)

• Liquidation activity spikes as IRD gets back to business (NBR)

• McDonald’s stores in New Zealand, Australia and Japan can’t take orders after computer glitch (Herald)

• MPs accidentally cut proposed taxes for hybrid cars in vote for wrong amendment (Herald)

• Nicola Willis says economic outlook won’t stop income tax cuts being delivered (Herald)

• King Charles to appear on New Zealand coins (Herald)

• Woodside rebuffs activist push against chairman on climate (AFR)

• Former US Treasury Secretary Steven Mnuchin is targeting a purchase of TikTok from its Chinese parent company (BBG)

• Trump loses bid to get judge to toss classified records charges (BBG)

• Biotech rally gets US$100 billion M&A lift with more deals to come (BBG)

• Europe’s battered IPO market sees early signs of a revival (BBG)

Deal Flow

Investments / M&A

• Swisscom says it will buy Vodafone Italia for 8 billion euros (US$8.70 billion) and merge the business with its Italian subsidiary Fastweb. The transaction consideration will be 100% cash and will be fully debt-financed, Swisscom said. (RT)

• 49% of prime Westfield retail properties in Auckland and Christchurch, valued at $1.4 billion, are for sale, likely to attract international investors, with Scentre Group holding a 51% stake and managing the properties, and the seller believed to be the Government Investment Corporation of Singapore (RNZ)

• Hilton Worldwide Holdings Inc. agreed to buy Graduate Hotels, a lodging brand focused on college campuses, for US$210 million (BBG)

• Apple has bought artificial intelligence startup DarwinAI and added dozens of the Canadian company's staffers to its AI division. The deal value has not been reported yet (RT)

VC & Fundraising

• New business, Interlune, announced itself publicly this week by saying it has raised $US18 million ($27 million) and is developing the technology to harvest and bring materials back from the moon (AFR)

Equity Raises

• South African cannabis firm, Cilo Cybin Holdings Ltd.,moves toward IPO in Johannesburg. The special purpose acquisition company is opening the sale of 10% of its shares on Thursday and aims to raise 7.1 million rand (US$381,000) (BBG)

Daily Picks

• Where is Catherine, Princess of Wales? Timeline of her surgery, Photoshop fiasco and ‘affair’ theories (Herald)

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