Boris Pulls Out

October 25, 2022

Good Morning,

The Commonwealth Bank of Australia is entering the mobile sim space in Australia, Qantas is pushing Sydney Airport to create a super terminal, Rishi Sunak is closing in on N10 as Boris Johnson withdraws from the race, Ukraine has denounced Russia's claim it is making dirty bombs & Brazilian politician Roberto Jefferson is in jail after throwing grenades at police.

Let's jump in.

Before The Bell

Markets

  • The New Zealand market was shut due to Labour Day.

  • The Australian market rose on the speculation that the US Fed Reserve was planning to moderate the pace of interest rate increases. Gold mining stocks did particularly well. (AFR)

  • Futures for the S&P 500 and Nasdaq have fallen before the US markets open for the week. (BBG)

News Summary

  • Oxygen technology being used by Sanford to mitigate climate change and warmer water temperatures is on its way to its Rakiura farm. (Stuff)

  • Sky TV-owned Neon, a streaming service, crashed during the House of Dragons finale. (Stuff)

  • The Commonwealth Bank of Australia is entering the mobile sim space in Australia. (9 News)

  • EY has said the Australian federal budget needs to cut spending, or Australia will face higher interest rates. (AFR)

  • Qantas CEO Alan Joyce is pushing Sydney Airport to create a super terminal. (AFR)

  • The major Australian banks are considering backing a social impact investment bank with $400m (AUD) in initial capital. (AFR)

  • Rishi Sunak is closing in on N10 as Boris Johnson withdraws from the race, and Penny Mordaunt is racing to secure backing from 100 MPs. (BBC)

  • King Charles is selling 14 of the former Queen's racehorses. (BBC)

  • Ukraine has denounced Russia's claim it is making dirty bombs. (BBC)

  • Brazilian politician Roberto Jefferson is in jail after throwing grenades at police. (BBC)

  • Japan seem to be using a new playbook for currency intervention. (BBG)

Deal Flow

Investments/ M&A

  • Swedish investment giant EQT is preparing a $2B (AUD) + bid for Australian chemicals company Ixom. (AFR)

  • Shell has invested $1.5B (USD) in Qatari liquefied gas project North Field South. It will take a 9.375% stake. (BBG)

  • Mike Ashley's retail company Fraser Group has increased its exposure to luxury fashion brand Hugo Boss to $954m (USD). It has also bought a greater than 5% stake in struggling British online fashion retailer ASOS. (RT)

  • UBS's equities desk handled a trade of 20m Superloop shares representing a 4% stake in the telco infrastructure company. The shares changed hand at 73¢ a share. (AFR)

  • Cash Converters, a personal finance and secondhand retail company, have tapped up EY to help it identify M&A targets. (AFR)

  • Affinity Equity Partners, a PE firm, has called in law firm Corrs Chambers Westgarth to help them with their bid for clinical research company George Clinical. (AFR)

  • Container giant Mediterranean Shipping Co has agreed to buy international towage company Rimorchiatori Mediterranei. (BBG)

VC & Fundraising

  • Fundabl, an emerging Australian fintech, has received $16m (AUD) in a mixture of debt and equity. (AFR)

  • Melbourne-based renewable energy retailer start-up Amber has raised $13.5m (AUD) and added insurance company NRMA as an investor in its Series B extension round. (AFR)

Equity Raises

  • Tulla Resources, an ASX-listed gold play, is seeking to raise $20m (AUD) in a placement via Petro Capital to fund its portion of the Norseman project. (AFR)

Debt

  • Bain Capital Credit, MS Capital Partners, Jefferies Credit Partners & Carlyle Global Credit Investment Management will tip in $369m (AUD) to back PE firm Thoma Bravo's bid for Australian mapping company Nearmap. (AFR)

  • The Bank of Queensland has put out a hybrid offer. It launched at a 3.4% to 3.6% margin above swaps for an estimated 6.43% to 6.63% running yield. Insurance Australia Group is expected to be next, and then potentially ANZ. (AFR)

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