Goldman Sachs loses number 1 spot

Good Morning,

Roads have been shut across New Zealand due to low temperatures causing ice and snow, South Australia’s two biggest universities have agreed to merge, UBS plans to reduce Credit Suisse’s workforce by over 50%, Goldman Sachs Group has lost its ranking as the world’s top mergers and acquisitions adviser for the first time in five years & the riots in France continue.

Let’s jump in!

Before The Bell

Markets

• The S&P 500 had its best week since March, and the Nasdaq continued to raise on the back of a positive macroeconomic backdrop (TRP)

• The European markets also enjoyed a good week, with all the major stock indexes posting gans (TRP)

• Japan’s stock market was also in the green for the week (TRP)

Earnings & Data

• Mainfreight declined 85c to $71.10 after commenting in its annual report that trading in the first six months of the 2024 financial year will be challenging, with weakness in volumes and activity. Chairman Bruce Plested warned of a “difficult and weak” macroeconomic environment over the next few years. (GR)

• Manchester United surpasses Q3 expectations, boosts outlook despite mounting pressure on owners to sell due to fan discontent and underperformance; stock surges by 7% (MW)

• Inflation in the eurozone fell for a third straight month in June as the cost of fuel tumbled, and increases in food prices slowed, a preliminary reading showed on Friday (RT)

• Oil prices rose above $75 USD a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand (RT)

• Apple Inc. became the first company to ever achieve a market value of $3 trillion, the latest sign of big tech’s seemingly unstoppable dominance on Wall Street (BBG)

News Summary

Monday

• The New Zealand government has announced $5 million of funding to ensure the ski season at Mt Ruapehu can go ahead (NBR)

• Australian wholesale distributor Metcash has announced shoppers at its IGA and Foodland stores are trading down from fresh ingredients to cheaper frozen goods (AFR)

• Moscow has lifted counter-terror measures put in place during mercenary leader Yevgeny Prigozhin’s short-lived-mutiny (BBG)

Tuesday

• In the face of cutbacks by universities, the NZ Government is providing an extra $128 million over two years for courses at degree level and above (NBR)

• About 750 jobs are expected to be cut by NZ Post over the next five years as the organisation grapples with a decline in the mail (NBR)

• China’s Premier Li Qiang warned governments that attempt to politicize their economies will only fragment the world as the US and Europe “de-risk” supply chains from the Asian nation (BBG)

Wednesday

• The NZ PM aims to revoke the knighthood of Sir James Wallace (NBR)

• Ticketek record shattered by Swifties as Taylor Swift’s Sydney and Melbourne shows to sell out (AFR) 

• UBS plans to reduce Credit Suisse’s workforce by over 50% (RT)

Thursday

• NZ banks are looking to Singapore to fight against crime (NBR)

• The ASX is thinking of winding up its mFund product (AFR)

• Putin has moved to punish allies of Prigozhin (NYT)

Friday

• Massive lines of vehicles crammed into petrol stations in New Zealand as the Government wraps up its fuel tax subsidy (1 News)

• New toll increases across Sydney's motorways will come into effect on Saturday, with some of the city's busiest roads set to be impacted (9 News)

• Goldman Sachs Group has lost its ranking as the world’s top mergers and acquisitions adviser for the first time in five years (BBG)

Weekend

• Roads have been shut across New Zealand due to low temperatures causing ice and snow (Stuff)

• Macquarie is gearing up to launch actively managed ETFs (AFR)

• South Australia’s two biggest universities have agreed to merge (9 News)

• The riots in France continue (BBC)

Deal Flow

Investments / M&A

Australia & New Zealand

• Asian healthcare player Luye Group is shopping Aurora Healthcare around it could fetch $880m (AUD) (AFR)

• AustraliaSuper is in talks with Sydney’s True Infrastructure to offload its holdings in two infrastructure funds. The positions are worth $30m (AUD) (AFR)

• French company Malteries Souffelt has made a $5 (AUD) share binding bid for United Malt (AFR)

• Institutional clients of Igneo Infrastructure Partners have emerged as the parties that trigged a sell-down of the Brisbane Airport Corporation (AFR)

• Qantas and KKR collaborate for multi-billion dollar Ticketek auction as it enters round two (AFR)

• EastLink auction gets ready for kick-off despite potential issues for Transurban (AFR)

• The Retail Apparel Group is in talks to buy Politix from the Country Road Group (AFR)

• Fat Prophets Global Property listed investment trust might find itself in the middle of an M&A battle (AFR)

• GIP is considering selling its stake in Pacific National (AFR)

• Star Car Wash is on the sale block (AFR)

• Saba Capital, an activist hedge fund, has turned up on the books as a major shareholder of VGI Partners Global Investments (AFR)

• SI Capital has thrown its hat into the mix for BWX Australia (AFR)

Key Global

• Rate surge poses complications for Assicurazioni Generali's $22B (USD) portfolio sale to private equity (RT)

• Buyout titan Robert Smith’s Vista Equity Partners more than doubled its initial investment in Apptio Inc. after International Business Machines Corp. agreed to acquire the software maker for $4.6B (USD) (BBG)

• American Equity Investment Life Holding receives a $4.3B (USD) takeover bid from Brookfield Reinsurance (RT)

• UnitedHealth Group Inc. agreed to buy home-health provider Amedisys Inc. for $101 (USD) a share in cash, outbidding earlier suitor Option Care Health Inc (BBG)

• Visa Inc. agreed to acquire Pismo, a Brazilian financial technology firm that provides cloud-based payment and banking platforms, for $1B (USD) in cash (BBG)

VC & Fundraising

• Elon Musk’s SpaceX is offering to sell insider shares at a price that would raise the closely held company’s valuation to about $150B (USD) (BBG)

• Pet Circle has found a deep-pocketed investor to see it through a ruff time in private markets, locking in a top-up investment from a US venture capital firm and cementing its $1 billion-plus AUD valuation (AFR)

• GAF will put in around $115m (AUD) into FitzWalter Capital Fund II (AFR)

• Fifth Estate has hit $60m (AUD) for its second fund (AFR)

• CalypsoAI raises $23m (USD) to add guardrails to generative AI models (TC)

• Dexory, a company that serves warehouses with real-time inventory management data using AI software and autonomous robots, has raised $19m (USD) in a Series A round of funding led by European VC Atomico (TC)

• Loora, a generative AI app that uses an audio interface to help users learn English, raises $9.25m (USD) (TC)

• Syft Technologies has again warned of “a material loss” for its 2023 financial year and is now asking investors to approve a convertible note issuance to raise a further $5.5m (NZD) in the capital (NBR)

Equity Raises

Australia & New Zealand

• A group headed by Jazac Investment is seeking capital to fund its $2B (AUD) Western Melbourne sports precinct project (AFR)

• Tamboran Resources is raising $70m (AUD) (AFR)

• Booktopia is looking to raise $8m (AUD) (AFR)

• Black Pearl Group has closed a $2.2 million capital raise via an over-subscribed private placement at 42 cents per share (NBR)

Debt, Restructuring & Bankruptcy

• AirTree Ventures backed :Different has called in adminstrators (AFR)

Job Board

New Zealand

• Waterman Capital investment analyst - Apply here

Australia

• Citadel Securities graduate and intern roles - Apply here

• Goldman Sachs Investment Banking Intern - Apply here

• IMC graduate and intern roles - Apply here

• Jarden

  • Graduate role - Apply here

  • Summer internships - Apply here

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