Lego sticks to plastic 🛢️

September 26, 2023

Good Morning,

Foreign interest in New Zealand homes has spiked, Lego has cut its plan to make bricks from recycled bottles, the Wallabies have lost to Wales, Brexit could cost electric carmakers billions, Oil has resumed its rally & Hollywood writers have signed a tentative deal to end strikes.

Let's jump in!

Before The Bell

Markets

  • An index related buying surge pushed the NZ market into the green (GR)

  • The Aussie market was lifted from a tech rally as iron ore prices dragged miners lower (AFR)

Earnings and Data

  • Synlait has reported a loss of $4.3m (NZD) (NBR)

  • Qantas faces a 30% increase in fuel costs (9 News)

  • British Business Bank has made a loss of £147m (BBC)

  • Saudi Arabia’s Lumi Rental has jumped as much 30% on it trading debut after a $290m (USD) IPO (BBG)

News Summary

  • The latest poll in New Zealand has National and Act needing NZ First (Stuff)

  • Foreign interest in New Zealand homes has spiked (Stuff)

  • ANZ has said house prices are going up faster than they expected in NZ (Stuff)

  • Westpac and Kiwibank have lifted interest rates in New Zealand (Stuff)

  • The Australian government is trying to make it easier for people receiving the pension to be able to work without losing access to their income support (9 News)

  • The Wallabies have lost to Wales (9 News)

  • Lego has cut its plan to make bricks from recycled bottles (BBC)

  • Hollywood writers have signed a tentative deal to end strikes (BBC)

  • NASA confirms it has recovered asteroid Bennu samples (BBC)

  • Brexit could cost electric carmakers billions (BBC)

  • Oil has resumed its rally as hedge funds push it higher (BBG)

Deal Flow

Investments / M&A

  • The Golden State Warriors could be valued at as much as $7B (USD) in a potential stake sale (BBG)

  • Booking Holdings an online travel company, who’s brands include Booking.com have had their €1.6B (USD) takeover of Swedish online travel company Etraveli Group blocked by the EU (BBG)

  • Enovis, a US maker of orthopaedic bracing and shoe inserts has agreed to purchase Italian surgical implant manufacturer LimaCorporate for $850m (RT)

  • Aviva has acquired AIG’s UK protection business for £460m (BBG)

  • The PE arm IFM Investors has agreed to sell its stake in NDIS business My Plan Manager for several hundred millions. The most likely buyer is Arthur J. Gallagher & Co an NYSE listed insurance company (AFR)

  • Red 5, a WA gold miner, has appointed Gresham Partners as a defence advisor. After PE firm Silver Lake bought an 11% stake earlier this month (AFR)

VC & Fundraising

  • Amazon will invest as much as $4B (USD) into AI startup Anthropic (BBG)

  • Startup MadeComfy, which operates a letting manager platform, is trying to raise $5m + (AUD) (AFR)

Equity Raises

  • AirTrunk is preparing to IPO with a potential valuation of $20B +(AUD) (AFR)

  • German defence contractor Renk is targeting a market capitlsaition of up to €1.8B for its IPO (RT)

  • SoftBank is aiming to raise $808m (USD) by selling stocks that are like bonds (BBG)

  • Casino operator Star Entertainment Group has launched a $750m (AUD) equity raise at 60c a share (AFR)

  • SAL, a Saudi based cargo firm is looking to IPO and raise $678m (USD) (BBG)

Daily Picks

  • Check out the top 10 deals between 30 June 2022 and 30 June 2023 in NZ according to NBR here

  • Look who AFR is ranking as the most powerful dealmakers in Australia here 

The Daily Deck is sponsored by Industrial Equity, LLC

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