Big rate decisions ahead

Good Morning,

A2 Milk has moved to cancel Synlait’s exclusive manufacturing rights, Perpetual’s cost-cutting is moving on to support staff, China has sent a top envoy to Russia, the first grain ship using a new route has arrived in Ukraine & Chinese police have detained staff at Evergrande wealth unit.

Let's jump in.

Before The Bell

Markets

• The NZX was up despite Synlait dropping almost 10%

• The ASX was down as tech closed down 2.7%, its worst day of the month (AFR)

• There are four central banks making rate decisions this week; the Fed, the Bank of Japan, the Swiss National Bank and the Bank of England.

News Summary

• A2 Milk has moved to cancel Synlait’s exclusive manufacturing rights (Stuff)

• Air New Zealand cancelled 60 flights due to the wind (Stuff)

• The NZ Transport Agency is considering banning e-scooters (NBR)

• Perpetual’s cost-cutting is moving on to support staff (AFR)

• Fire warnings have been escalated in NSW and Queensland (9 News)

• China has sent a top envoy to Russia (BBC)

• Chinese police have detained staff at Evergrande wealth unit (BBC)

• The first grain ship using a new route has arrived in Ukraine (BBC)

Deal Flow

Investments / M&A

• TGS agreed to buy Norwegian rival PGS in an all-share deal. The deal will value the joint data company at $2.6B (USD) (BBG)

• PE firm KKR agreed to buy 1/5 of Singapore Telecommunications Data Center Unit for $807m (USD) (BBG)

• PE firm Silver Lake has bought 11% of Red 5 Limited, which operates a gold mine near the Gwalia gold mine Genesis Minerals bought earlier this year (AFR)

• Shareholders of ASX-listed cybersecurity firm Tesserent have approved the $176m (AUD) takeover by Thales, a French defence company (AFR)

• Paine Schwartz Partners, a New York-headquartered PE firm, has cut what it will offer for Australian food and vegetable processor Costa Group by $100m (AUD) (AFR)

Equity Raises

• Schott, a German glassmaker, is seeking to raise up to $917m (USD) in an IPO of its medical glassware division (BBG)

• Klaviyo, a marketing and data automation provider, has increased its IPO target to $557m (USD) (BBG)

• Alligator Energy, a uranium explorer, is trying to raise $23m (AUD) (AFR)

• Cuscal Limited, an end-to-end payments business, has started talking to fund managers ahead of listing on the ASX later this year (AFR)

Debt

• Banks, including Goldman Sachs & JP Morgan Chase & Co kicked off selling $2.9B (USD) worth of bonds to fund PE Firm GCTR’s purchase of a majority stake in payment processor Worldpay (BBG)

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