Bellamy’s Australia Limited (BAL):
Embattled infant formula maker Bellamy’s Australia has appointed shareholder John Ho as its new chairman. Mr Ho takes over from Rodd Peters, a representative of Bellamy’s biggest shareholder and Kathmandu founder Jan Cameron, who had a bloody battle for control for the Tasmanian company, which lasted several months and culminated with most of the Bellamy’s board being tossed out in February. Former Visy Packaging chief executive John Murphy has also joined the board as nonexecutive independent director and will act as deputy chairman, joining director Chan Wai-Chan. Director Patria Mann has stepped down after surviving the board spill in February. Mr Ho, who runs Hong Kong-based investment firm Janchor Partners and controls a 7 per cent stake in Bellamy’s, has waived his remuneration fees as chair. It is expected his understanding of the Australian and Chinese consumer and health-related markets and expertise in corporate governance will be valuable to the board.
Fairfax Media Limited (FXJ):
A four-week campaign by the board of Fairfax Media to find a second bidder has sparked a potential bidding war for the group, with US private equity firm Hellman & Friedman offering as much as $2.87 billion for the whole company. The Fairfax board and its advisors, Macquarie Capital, spoke to a number of parties with a known interest in the 176-year old publisher, including Hellman & Friedman. But the board was not aware a bid was coming until Wednesday night. Hellman & Friedman’s offer of $1.22 to $1.25 a share tops that made on Monday by a consortium of private equity firm TPG and the Ontario Teachers’ Pension Plan. TPG’s interest in Fairfax was revealed by The Australian Financial Review in February and it’s tilt at the publisher was long covered before it gave its first proposal to the board on May 5. TPG, who are advised by Credit Suisse and Gilbert + Tobin, quietly amassed shares in Fairfax, believed to be under 4.9 per cent, the threshold for any foreign buyer, in March.
BHP Billiton Limited (BHP):
BHP Billiton chief executive Andrew Mackenzie came face to face with representatives of Elliott Associates in Barcelona late on Wednesday, as calls for change to the company’s petroleum division grew louder. The meeting came more than five weeks after Elliott first went public with its original plan to reform several aspects of BHP’s structure. Sources said Elliott boss Paul Singer was not present at the meeting, but several members of his Hong Kong-based team were in attendance. ‘‘It was a private meeting. We found it to be constructive,’’ said Elliott spokesman Michael O’Looney. The meeting was a chance for Mr Mackenzie to catch up on the changes Elliott made to its proposals this week, and a chance for the BHP boss to explain his plan for the company. It is believed Mr Mackenzie was accompanied by his investor relations team at the meeting. Elliott originally called for BHP to collapse its dual-listed structure, leaving Australian shareholders holding a CHESS depositary interest; demerge its US petroleum assets; and step up share buybacks.
Lendlease Group (LLC):
Construction will start soon on Lendlease’s beehive-like Darling Exchange building in Sydney after NSW Planning Minister Anthony Roberts approved the sixstorey civic building. The building designed by architect Kengo Kuma, which will contain a City of Sydney library and innovation hub to develop start-ups, is the community hub of Lendlease’s Darling Square development at the southern end of Darling Park, on the site of the former Entertainment Centre. Darling Square is the final piece in the wider Sydney International Convention Exhibition and Entertainment precinct that Lendlease is developing.
Wesfarmers Limited (WES):
Wesfarmers has all but ruled out carving off Officeworks through an inspecie distribution but may have another go at floating the office products retailer when market and retail conditions improve. Wesfarmers’ institutional shareholders believe the Perth-based conglomerate may consider issuing shares in Officeworks to existing shareholders after this week abandoning plans for a $1.5 billion initial public offering.
(Source: AIMS)
Latest comments