- The Daily Deck
- Posts
- Up the Wahs 🏉
Up the Wahs 🏉
Admin
September 25, 2023
Good Morning,
A2 Milk has moved to cancel Synlait’s exclusive manufacturing rights, the NZ Transport Agency is considering banning e-scooters, the Warehouse says by 2026 its 260 retail stores will be powered by solar energy, the latest poll has National and Act with enough seats to govern, and a state of emergency has been declared in Queenstown.
Let’s jump in!
Before The Bell
Markets
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
Fuel prices are expected to continue to rise to record-breaking prices – but many New Zealanders have little option but to keep forking out, even at more than $3 a litre. (Stuff)
The Reserve Bank of Australia considered a 25 basis point hike in interest rates before eventually deciding to hold the benchmark cash rate unchanged at 4.1%, the minutes of the central bank’s September meeting released on Tuesday showed. (RT)
COVID wasn't kind to wedding planners in China, where marriages are traditionally elaborate, expensive affairs, but the industry estimated at almost $500 billion is now facing a bigger threat: a plunge in the number of couples willing to tie the knot. (RT)
U.S. Federal Reserve officials, who have tentatively embraced the possibility they can squelch inflation without a recession, meet this week with an autoworkers strike, a possible federal government shutdown, and a student loan squeeze on consumers posing new risks to that best-case outcome. (RT)
European stocks fell as risk sentiment took a hit on worries that interest rates will remain high for longer than previously expected (BBG)
Oil edged higher toward USD$94 a barrel, capping a tumultuous week that saw the Federal Reserve flagging a further rise in US interest rates this year and Russia ban diesel exports (BBG)
Earnings & Data
Fonterra reported a record annual profit of NZD$1.6 billion and is returning record dividends to its shareholders (Stuff)
News Summary
Monday
Tuesday
The Warehouse says by 2026 its 260 retail stores will be powered by solar energy. (Stuff)
The U.S. military said it finally found debris from a crashed F-35 fighter jet in South Carolina on Monday, a day after asking for the public's help in locating the elusive wreckage. (RT)
Canada said on Monday that it was "actively pursuing credible allegations" linking Indian government agents to the murder of a Sikh separatist leader in British Columbia in June, dealing a further blow to diplomatic ties between the countries. (RT)
Wednesday
Friday
NZ Police say they are in touch with protest organisers planning to lead marches on Parliament next week and have "set clear expectations for peaceful and lawful activity” (1 News)
A state of emergency has been declared in Queenstown, with more than 100 households evacuated overnight due to fears over slips and flooding (1 News)
A ransomware gang called Monti claims to have hacked Auckland University of Technology and stolen 60 gigabytes of data, which it is threatening to dump online early next month (Stuff)
Weekend
Deal Flow
Investments / M&A
Australia & New Zealand
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)
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)
New Zealand Green Investment Finance has announced its biggest deal yet, with the creation of a $170 million solar finance loan for SolarZero. (NBR)
Australian-super backed Federation Mining have asked Jarden to find a new owner or capital partner for Snowy River Gold Mine. A sale could value the mine at $400m (AUD) (AFR)
Pacific Equity Partners has beaten IFM Investors’ Australian Infrastructure Fund (AIF) for a 50% stake in SIMS’ LMS Energy, a biogas and solar power business. It paid $272m (AUD) and will inject $200m (AUD) (AFR)
The Queensland Airport selldown could grow to a 74% stake, up from the original 44% stake (AFR)
Key Global
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)
Several Southeast Asian companies are considering listing in the United States, banking on strong investor appetite for emerging market growth in the absence of Chinese stock offerings. (RT)
Morgan Stanley was sued on Monday for at least $750 million by private equity firms that claimed they were defrauded in an investment with a high-speed rail company. (RT)
Italy is considering an initial sale of a 15% stake in lender Monte Paschi (BBG)
Cisco Systems on Thursday agreed to buy cybersecurity firm Splunk for about USD$28 billion in its biggest-ever deal to strengthen its software business and capitalise on the boom in artificial intelligence (RT)
Magellan Midstream Partners' unitholders on Thursday voted in favour of its sale to larger rival ONEOK Inc for USD$18.8 billion, creating one of the largest U.S. energy pipeline companies (RT)
Glenmark Pharma will sell a 75% stake in its life sciences unit to detergent maker Nirma for 56.52 billion rupees (USD$679.84 million) and use the proceeds to repay debt (RT)
Delivery Hero confirmed talks on a partial sale of its Asia business on Wednesday, adding that the deal's value is still under negotiation (RT)
VC & Fundraising
Wilison Asset Management wants to raise between $500m and $1B (AUD) for an open-ended fund version of the firm’s successful WAM Leaders (AFR)
Regal Partner’s resources royalties fund is raising $50m (AUD) to bankroll two deals (AFR)
LawVu, a Kiwi legal startup, has raised $15m (NZD) from Movac (NBR)
European private equity firm Keensight Capitalsaid it has raised €2.8 billion (USD$3 billion) to invest in technology and health-care companies (BBG)
Equity Raises
Australia & New Zealand
Alligator Energy, a uranium explorer, is trying to raise $23m (AUD) (AFR)
PE firm Carlyle Group and Varde Partners have put $32.8m (AUD) into Bis Industries, a mine-site trucking company (AFR)
Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., is planning to file for its Hong Kong initial public offering as soon as next week, according to people familiar with the matter, potentially making it among the first of the Chinese tech firm’s units to go public (BBG)
Key Global
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)
Saudi Oil driller ADES has received $76.5B (USD) in orders for its $1.2B (USD) IPO in Saudi Arabia (BBG)
Klaviyo has priced its IPO at $30 (USD) per share, raising $576m (USD), and it jumped up 32% on its trading debut (BBG)
Debt, Restructuring & Bankruptcy
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)
Two companies on either side of the Tasman are facing liquidation and administrators are chasing up to US$100 million in missing funds, some of which seems to have disappeared into another failed company in the Malaysian tax haven of Labuan. (NBR)
Chip memory firm Kioxia is expected to get a $14B (USD) loan to help fund the merger with Western Digital Corp’s flash memory business (BBG)
Chinese electric vehicle maker Nio is trying to raise $1B (USD) via a convertible bond offer (BBG)
Job Board
New Zealand
Australia
The Daily Deck is sponsored by Industrial Equity, LLC
Reply