Qantas board bows to shareholder pressure

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October 12, 2023

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Good Morning,

The Auckland housing market is starting to recover, Victorians will be able to claim the solar rebate for a second time, Gaza’s power plant is almost out of fuel, IMF has defended its gloomy UK forecast, Sam Bankman-Fried’s ex-girlfriend snitched, California will require large companies to report carbon emissions & Qantas Chairman Richard Goyder will retire next year.

Let's jump in.

Before The Bell

Markets

  • The NZ market edge up with 72 gainers and 61 decliners on the main board

  • The ASX rallied for the fifth straight day as Qantas jumped and news of a possible Chinese stimulus package pushed mining stocks up (AFR)

  • US stocks rose as 10-year yields hit their lowest level in October

Earnings, Data & Market Announcements

  • Fletcher Building entered a trading halt after questions on leaky pipes briefing were asked (NBR)

  • Pacific Edge has warned the risk of non-coverage by Medicare for its Cxbladder product is more elevated than they had assed last (NBR)

News Summary

  • The latest two poles have Winston Peters firmly as the kingmaker for the election in New Zealand (Stuff)

  • Peanuts and hazelnuts could become more expensive due to drought and insect problems overseas (Stuff)

  • The Auckland housing market is starting to recover (Stuff)

  • The rate of construction cost increases has fallen below the 10-year average in New Zealand (Stuff)

  • MediaWorks will file its overdue financial results this week (Stuff)

  • Victorians will be able to claim the solar rebate for a second time in a bid to speed up the state’s transition to renewable energy (9 News)

  • Qantas Chairman Richard Goyder will retire next year as other board members also step down (AFR)

  • The Australian government has organised repatriation flights for Australians stuck in Israel (9 News)

  • Australian Cheng Lei has been freed from Chinese detention (BBC)

  • Rafa Nadal will play in the Australian Open in 2024 (9 News)

  • Gaza’s power plant is almost out of fuel (BBC)

  • Afghanistan has been hit by a second earthquake (BBC)

  • The EU has warned Elon Musk that X is being used to spread disinformation (BBC)

  • IMF has defended its gloomy UK forecast (BBC)

  • Sam Bankman-Fried directed me to commit crimes, according to his ex-girlfriend and deputy (BBC)

  • Ireland is aiming to have a sovereign wealth fund worth €100B by the middle of the 2030s (BBC)

  • California will require large companies to report carbon emissions (BBC)

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Deal Flow

Investments / M&A

  • Exxon Mobil is close to a $58B (USD) deal to buy Pioneer Natural Resources (BBG)

  • KKR is considering the sale of Q-Park, which may value the European car park operator at about €4B (BBG)

  • EQT has bought VetPartners for ~$1.4B (AUD) (AFR)

  • Codelco, the world’s biggest copper producer, is nearing a deal to acquire Lithium Power International that could value the ASX-listed firm at nearly $315m (AUD) (BBG)

  • Telstra has bought cloud services business Versent for $267.5m (AUD) (AFR)

  • Good Spirits Hospitality’s sale of its business for $20.7m (NZD) has been judged as fair via an independent valuation (NBR)

  • NYSE-listed giant Albemarle’s exclusive due diligence at Liontown Resources is over, and local billionaire Gina Rinehart’s 19.9% stake is casting a shadow on a big payday for investors (AFR)

  • UBS has been bought as a defence advisor for Adore Beauty (AFR)

  • Evie Networks, owner of Australia’s largest network of electric vehicle fast-charging stations, has got UBS bankers preparing a deal that would see it bring in a new investor or investors to join long-time backer Trevor St Baker (AFR)

  • Carlyle-backed Canadian renewable energy infrastructure player Amp has put its renewables portfolio in Australia on the sales block. BofA is running the sales process (AFR)

  • Billionaire Bill Foley has been revealed as the preferred bidder behind an A-league expansion team based in Auckland (NBR)

Equity Raises

  • Birkenstock has priced its IPO within its range at $46 (USD) per share to raise $1.48B (USD) (BBG)

  • DevEx Resources is trying to raise $21.1m (AUD) via a $10m placement and an $11.1m non-renounceable entitlement offer (AFR)

  • Bain Capital is said to have delayed the IPO of Virgin Australia to at least 2024 (BBG)

Daily Picks

  • Click here to read about a deadly loan scam

The Daily Deck is sponsored by Industrial Equity, LLC

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