Australia and New Zealand Banking Group (ANZ):
ANZ Banking Group has hopes for its up-for-sale wealth unit. Sources said there were some big numbers in front of tyrekickers – and most notably a $9.5 billion valuation, which is about twice what most analysts expected the transaction to be worth. It’s understood the $9.5 billion was an ‘‘appraisal value’’ for the unit and featured prominently in the ANZ wealth unit’s information memorandum, distributed a few weeks ago. We’re told that the appraisal value was aimed at capturing ANZ wealth’s existing business, the present value of future policies and other business written, and its chunky back book.
Australia and New Zealand Banking Group (ANZ); Commonwealth Bank of Australia (CBA); National Australia Bank Ltd (NAB); Westpac Banking Corporation (WBC):
Big banks and fintech start-ups want robust governance standards created to ensure customers can move data from one financial services provider to another without exposing the sector to cyber attacks. Banks are preparing for new legislation that will give their customers the right to request transaction data be given to a potential competitor under a new data access regime the Productivity Commission said this week could ‘‘reinvigorate competition policy’’. ‘‘Data is a strategic asset with great potential and should be treated and managed as such,’’ the commission said. The final Productivity Commission report shifted from its interim report by emphasising that specific sectors develop their own rules and determine to which data the comprehensive right will apply to. It wants sector-specific ‘‘accredited release authorities’’ (ARAs) to oversee the process and consult with industry players. The commission also said it would be up to each industry to determine what technology facilitates the data sharing. A parliamentary committee reviewing the major banks said this should occur via application programming interfaces (APIs), which would require investment by the banks. Westpac Banking Corp chief executive Brian Hartzer said creating standards for data security and determining who was liable for breaches were among the issues that needed to be worked out.
Crown Resorts Ltd (CWN):
Just hours before James Packer’s Crown Resorts announced it was selling the last of its stake in Melco Crown Entertainment, authorities in Macau announced they will require facial recognition and identity checks before customers can withdraw cash at some ATMs. It’s yet another example of the lengths that the Chinese are going to in their crackdown on corruption and money laundering in Macau, the world’s largest gambling hub. But it’s also a very good symbol of how the Macau that Packer exits is very different from the Macau he arrived at back in 2004, through his partnership with billionaire Lawrence Ho. Then, when Packer made his initial investment of just $211 million in a joint venture between the Ho family and the old Publishing & Broadcasting Limited, Macau was on its way to becoming the new Vegas of the East.
Harvey Norman Holdings Limited (HVN); JB Hi-Fi Limited (JBH):
Retailer JB Hi-Fi was revealed as a short by Trafalgar Copley’s David Copley at the Sohn Investment Conference’s forum for up-and-coming hedge fund managers in New York on Monday. According to ASIC short position data, 7.65 per cent of JB Hi-Fi’s capital is held by short sellers and 1.53 per cent of Mirvac, as of May 2. JB Hi-Fi shares are down 13.6 per cent this year after Tuesday’s 84¢ or 3.3 per cent fall to $24.24. It is one of a basket of domestic retailers that are under pressure since Amazon confirmed its Australian strategy including Myer, Metcash and Super Retail Group. Mirvac was unchanged at $2.29.
Origin Energy Limited (ORG):
Origin Energy has hired Bank of America Merrill Lynch to work on the proposed float of its $1.5 billion-plus oil and gas arm, Lattice Energy. As Street Talk revealed yesterday, BAML joins the Lattice Energy ticket as a joint lead manager, alongside Origin Energy’s financial advisers, Macquarie Capital and UBS. Origin is expected to seek to raise more than $1 billion as part of the IPO, and BAML’s appointment comes as the utilities giant and its sponsor brokers prepare to ramp up marketing efforts. A deal is slated for the third quarter, after Origin’s full-year results in August.The IPO bid is expected to be pitted against offers from trade and strategic buyers, who are already in a twostage auction underway via Macquarie Capital and UBS. [Macquarie and UBS were named financial advisers and joint lead managers when the spin-off was announced in December.]Beach Energy leads the field of potential trade buyers, and is expected to come up against other listed oil and gas players including Senex Energy and offshore strategic investors. An information memorandum was sent to interested parties last month, sources said, with bids due in mid-May.Origin is understood to prefer to list Lattice Energy on the ASX boards ,while chief executive officer Frank Calabria wants to at least test market interest.
(Source: AIMS)
ANZ Banking Group has hopes for its up-for-sale wealth unit. Sources said there were some big numbers in front of tyrekickers – and most notably a $9.5 billion valuation, which is about twice what most analysts expected the transaction to be worth. It’s understood the $9.5 billion was an ‘‘appraisal value’’ for the unit and featured prominently in the ANZ wealth unit’s information memorandum, distributed a few weeks ago. We’re told that the appraisal value was aimed at capturing ANZ wealth’s existing business, the present value of future policies and other business written, and its chunky back book.
Australia and New Zealand Banking Group (ANZ); Commonwealth Bank of Australia (CBA); National Australia Bank Ltd (NAB); Westpac Banking Corporation (WBC):
Big banks and fintech start-ups want robust governance standards created to ensure customers can move data from one financial services provider to another without exposing the sector to cyber attacks. Banks are preparing for new legislation that will give their customers the right to request transaction data be given to a potential competitor under a new data access regime the Productivity Commission said this week could ‘‘reinvigorate competition policy’’. ‘‘Data is a strategic asset with great potential and should be treated and managed as such,’’ the commission said. The final Productivity Commission report shifted from its interim report by emphasising that specific sectors develop their own rules and determine to which data the comprehensive right will apply to. It wants sector-specific ‘‘accredited release authorities’’ (ARAs) to oversee the process and consult with industry players. The commission also said it would be up to each industry to determine what technology facilitates the data sharing. A parliamentary committee reviewing the major banks said this should occur via application programming interfaces (APIs), which would require investment by the banks. Westpac Banking Corp chief executive Brian Hartzer said creating standards for data security and determining who was liable for breaches were among the issues that needed to be worked out.
Crown Resorts Ltd (CWN):
Just hours before James Packer’s Crown Resorts announced it was selling the last of its stake in Melco Crown Entertainment, authorities in Macau announced they will require facial recognition and identity checks before customers can withdraw cash at some ATMs. It’s yet another example of the lengths that the Chinese are going to in their crackdown on corruption and money laundering in Macau, the world’s largest gambling hub. But it’s also a very good symbol of how the Macau that Packer exits is very different from the Macau he arrived at back in 2004, through his partnership with billionaire Lawrence Ho. Then, when Packer made his initial investment of just $211 million in a joint venture between the Ho family and the old Publishing & Broadcasting Limited, Macau was on its way to becoming the new Vegas of the East.
Harvey Norman Holdings Limited (HVN); JB Hi-Fi Limited (JBH):
Retailer JB Hi-Fi was revealed as a short by Trafalgar Copley’s David Copley at the Sohn Investment Conference’s forum for up-and-coming hedge fund managers in New York on Monday. According to ASIC short position data, 7.65 per cent of JB Hi-Fi’s capital is held by short sellers and 1.53 per cent of Mirvac, as of May 2. JB Hi-Fi shares are down 13.6 per cent this year after Tuesday’s 84¢ or 3.3 per cent fall to $24.24. It is one of a basket of domestic retailers that are under pressure since Amazon confirmed its Australian strategy including Myer, Metcash and Super Retail Group. Mirvac was unchanged at $2.29.
Origin Energy Limited (ORG):
Origin Energy has hired Bank of America Merrill Lynch to work on the proposed float of its $1.5 billion-plus oil and gas arm, Lattice Energy. As Street Talk revealed yesterday, BAML joins the Lattice Energy ticket as a joint lead manager, alongside Origin Energy’s financial advisers, Macquarie Capital and UBS. Origin is expected to seek to raise more than $1 billion as part of the IPO, and BAML’s appointment comes as the utilities giant and its sponsor brokers prepare to ramp up marketing efforts. A deal is slated for the third quarter, after Origin’s full-year results in August.The IPO bid is expected to be pitted against offers from trade and strategic buyers, who are already in a twostage auction underway via Macquarie Capital and UBS. [Macquarie and UBS were named financial advisers and joint lead managers when the spin-off was announced in December.]Beach Energy leads the field of potential trade buyers, and is expected to come up against other listed oil and gas players including Senex Energy and offshore strategic investors. An information memorandum was sent to interested parties last month, sources said, with bids due in mid-May.Origin is understood to prefer to list Lattice Energy on the ASX boards ,while chief executive officer Frank Calabria wants to at least test market interest.
(Source: AIMS)
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