APA Group (APA):
Pipelines giant APA Group is believed to have turned to a long-term supporter and co-investor in its bid for Origin Energy’s Darling Downs gas pipelines. Street Talk understands APA is teaming up with major Japanese trading and investment house Marubeni on a $300 million-odd bid, with Marubeni expected to tip in the bulk of the equity while APA participates as a minority investor and would-be operator. APA and Marubeni know each other well. The pair are co-investors in Energy Infrastructure Investments alongside Osaka Gas. Marubeni has a 49.9 per cent stake in the venture, while Osaka owns 32.2 per cent and APA a minority 19.9 per cent.
Coca-Cola Amatil Ltd (CCL):
A South African-born brewer is in the running to take the helm of Coca-Cola Amatil’s Australian drinks business after the unexpected departure of managing director Barry O’Connell. Peter McLoughlin, a former SABMiller executive, will step in as interim managing director of CCA’s Australian Beverages unit while the bottler undertakes a formal search for Mr O’Connell’s successor. He is understood to be the leading internal candidate to assume the role permanently.
Hunter Hall International Ltd (HHL):
Peter Hall has sold his remaining 24 per cent stake in Hunter Hall, ending a three-month saga surrounding his exit from the funds management firm he founded. Washington H Soul Pattinson bought the stake for $2.60 per share, seeing off a rival bid from funds management firm Pinnacle. Soul Patts agreed to buy an initial 19.9 per cent stake from Mr Hall for $1 in late December, and now owns 44.2 per cent of Hunter Hall.
Medibank Private Ltd (MPL):
Australia’s largest health insurer, Medibank, was set to save $24 million from a change to policies made just months before its float, a court has heard. The Australian Competition and Consumer Commission claimed the insurer, which listed on the ASX in 2014, misled consumers and participated in a ‘‘cynical and high-handed course of conduct’’ that led to sick customers facing ‘‘bill shock’’. Representing the ACCC, Lachlan Armstrong, QC, told the Federal Court in Melbourne on Tuesday it was estimated $20 million to $24 million of benefits were to be no longer covered by the company, which currently has 3.8 million policyholders.
Vicinity Centres Re Limited (VCX):
Shopping mall owner Vicinity Centres has launched its next major project, a $490 million rejuvenation of The Glen in Melbourne’s south-east, as it looks to win greater yields redeveloping its own portfolio. The refurbishment of the shopping centres by Vicinity and its co-owner the Perron Group will take place in three steps, with the first stage to be unveiled this year. Under the project, the mall will expand to about 78,000 square metres of gross lettable area through a fresh food market hall, two dining precincts, a town square, the latest format David Jones, new mini majors and international brands.
(Source: AIMS)
Pipelines giant APA Group is believed to have turned to a long-term supporter and co-investor in its bid for Origin Energy’s Darling Downs gas pipelines. Street Talk understands APA is teaming up with major Japanese trading and investment house Marubeni on a $300 million-odd bid, with Marubeni expected to tip in the bulk of the equity while APA participates as a minority investor and would-be operator. APA and Marubeni know each other well. The pair are co-investors in Energy Infrastructure Investments alongside Osaka Gas. Marubeni has a 49.9 per cent stake in the venture, while Osaka owns 32.2 per cent and APA a minority 19.9 per cent.
Coca-Cola Amatil Ltd (CCL):
A South African-born brewer is in the running to take the helm of Coca-Cola Amatil’s Australian drinks business after the unexpected departure of managing director Barry O’Connell. Peter McLoughlin, a former SABMiller executive, will step in as interim managing director of CCA’s Australian Beverages unit while the bottler undertakes a formal search for Mr O’Connell’s successor. He is understood to be the leading internal candidate to assume the role permanently.
Hunter Hall International Ltd (HHL):
Peter Hall has sold his remaining 24 per cent stake in Hunter Hall, ending a three-month saga surrounding his exit from the funds management firm he founded. Washington H Soul Pattinson bought the stake for $2.60 per share, seeing off a rival bid from funds management firm Pinnacle. Soul Patts agreed to buy an initial 19.9 per cent stake from Mr Hall for $1 in late December, and now owns 44.2 per cent of Hunter Hall.
Medibank Private Ltd (MPL):
Australia’s largest health insurer, Medibank, was set to save $24 million from a change to policies made just months before its float, a court has heard. The Australian Competition and Consumer Commission claimed the insurer, which listed on the ASX in 2014, misled consumers and participated in a ‘‘cynical and high-handed course of conduct’’ that led to sick customers facing ‘‘bill shock’’. Representing the ACCC, Lachlan Armstrong, QC, told the Federal Court in Melbourne on Tuesday it was estimated $20 million to $24 million of benefits were to be no longer covered by the company, which currently has 3.8 million policyholders.
Vicinity Centres Re Limited (VCX):
Shopping mall owner Vicinity Centres has launched its next major project, a $490 million rejuvenation of The Glen in Melbourne’s south-east, as it looks to win greater yields redeveloping its own portfolio. The refurbishment of the shopping centres by Vicinity and its co-owner the Perron Group will take place in three steps, with the first stage to be unveiled this year. Under the project, the mall will expand to about 78,000 square metres of gross lettable area through a fresh food market hall, two dining precincts, a town square, the latest format David Jones, new mini majors and international brands.
(Source: AIMS)
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