AGL Energy Ltd (AGL):
AGL has called on the government and industry to work together to solve a substantial domestic gas supply shortfall, rejecting claims by Energy Minister Josh Frydenberg that it was to blame for higher prices caused by local supply being moved offshore. The Sydney-based AGL has been the subject of intense criticism by Mr Frydenberg over the past year over its decision to close the ageing Liddell power station in NSW and the $2 billion sale of a large quantity of gas to an export terminal in 2015. AGL chief Andy Vesey, who has been the target of personal attacks by tabloid media outlets, told Fairfax Media solving the forecast domestic gas shortage in eastern Australia required collaboration and openness between key players.
Atlas Iron Limited (AGO):
Iron ore miner Atlas Iron said it would give Mineral Resources three business days to match a buyout offer made from Hancock Prospecting. Billionaire Gina Rinehart's Hancock Prospecting and mining services group Mineral Resources are waging a bidding battle for Atlas, which operates in the iron ore rich Pilbara region of Western Australia and has undeveloped tenements. Hancock offered 4.2¢ per Atlas share, or $390 million on Monday, substantially more than Mineral Resources' $280 million offer made in April.
Insurance Australia Group Ltd (IAG):
Insurance Australia Group is set to be left with surplus capital that it may return to shareholders after selling three of its Asian businesses for more than half a billion dollars. The insurer on Tuesday said it would sell its businesses in Vietnam, Thailand and Indonesia to two different overseas buyers, which will deliver an after-tax profit of $200 million in its full-year results next year. Tokio Marine & Nichido Fire Insurance, part of Japan's largest property and casualty insurance group, would purchase IAG's Thai and Indonesian businesses for $525 million, IAG said. “We believe Tokio Marine is an ideal owner given its experience in the region, and that this is a good outcome for the associated employees, customers and other stakeholders,” IAG chief executive Peter Harmer said. IAG is also selling its dominant stake in AAA Assurance Corp, based in Vietnam. It did not disclose the sale price for this deal.
Macquarie Group Ltd (MQG):
Macquarie Group is ramping up plans to harvest its next batch of technology superstars, adding data security software company Nuix Ltd to the initial public offering pipeline. As Street Talk revealed on Monday, Macquarie's Nuix has written to investment banks seeking formal pitches for its proposed sharemarket listing, asking banks for their thoughts on how to value the company and structure its mooted float. While valuing a high-growth software company is never easy, Nuix is expected to seek a market value above $1 billion and cement its spot among Macquarie's stable of tech sector unicorns. Macquarie has about a 70 per cent stake in the business and, understandably, is believed to be calling the shots around its IPO. Macquarie's bankers are expected to play a leading role as a joint lead manager, although there is room for another one or two banks on the ticket.
National Australia Bank Ltd (NAB):
National Australia Bank has hired investment banks Macquarie Capital and Morgan Stanley to help prepare its $3 billion-odd MLC wealth management division for sale. It is understood NAB has taken formal pitches from investment banks over the past month, and Macquarie Capital and Morgan Stanley have emerged as its preferred advisers. NAB is seeking investment banking advisers to help decide whether it should sell MLC to a trade or financial buyer, spin it off to existing NAB shareholders or list it via an initial public offering. Sources said all options remained up in the air, almost one year after NAB first put its wealth management business units under review. NAB formally announced it would divest its wealth arm MLC in May, and said it was likely to be a deal for late 2019.
Rio Tinto Limited (RIO):
Rio Tinto expects to spend at least $2.2 billion on replacement iron ore mines in Western Australia over the next three years, but has resisted the temptation to bring forward a final investment decision on the much-anticipated Koodaideri project. The spend on replacement mines includes Koodaideri, West Angeles and the Robe Valley development, with Koodaideri to underpin Rio Tinto's high grade "Pilbara blend" iron ore product and provide capacity options. Rio Tinto iron ore chief executive Chris Salisbury warned there were signs of cost pressures in the industry and the Pilbara where BHP and Fortescue Metals Group have just given the green light to major mine developments worth $6.25 billion in total. Rio Tinto's iron ore division is focused on mine-to-market productivity gains in trying to deliver $500 million in additional free cash flow a year by 2021.
South32 Ltd (S32):
South32 says its $US1.3 billion cash offer for Arizona Mining, unveiled on Monday, is a response to the best opportunity that the mid-tier miner has assessed in its three-and-a-half year lifetime. The BHP spin-off is already a major shareholder in Arizona with 17 per cent of its shares, and South32’s chief executive Graham Kerr said his company was “the natural owner” of Arizona’s Hermosa project.
Woolworths Group Ltd (WOW):
Woolworths and Wesfarmers are racing to build their digital and data analytics capabilities amid increasing competition in the $90 billion food and grocery market. One week after Wesfarmers unveiled plans to double its investment in digital and data, Woolworths is revamping its sales data sharing services in a move aimed at tailoring its range to meet customer needs and giving suppliers better insights into customer spending habits. The retailer has launched a request for proposal and invited its existing data and research partners – IRI, Nielsen and Woolworths' 50-per cent owned data analytics firm Quantium – to participate in a tender for its sales data sharing platforms.
(Source: AIMS)
AGL has called on the government and industry to work together to solve a substantial domestic gas supply shortfall, rejecting claims by Energy Minister Josh Frydenberg that it was to blame for higher prices caused by local supply being moved offshore. The Sydney-based AGL has been the subject of intense criticism by Mr Frydenberg over the past year over its decision to close the ageing Liddell power station in NSW and the $2 billion sale of a large quantity of gas to an export terminal in 2015. AGL chief Andy Vesey, who has been the target of personal attacks by tabloid media outlets, told Fairfax Media solving the forecast domestic gas shortage in eastern Australia required collaboration and openness between key players.
Atlas Iron Limited (AGO):
Iron ore miner Atlas Iron said it would give Mineral Resources three business days to match a buyout offer made from Hancock Prospecting. Billionaire Gina Rinehart's Hancock Prospecting and mining services group Mineral Resources are waging a bidding battle for Atlas, which operates in the iron ore rich Pilbara region of Western Australia and has undeveloped tenements. Hancock offered 4.2¢ per Atlas share, or $390 million on Monday, substantially more than Mineral Resources' $280 million offer made in April.
Insurance Australia Group Ltd (IAG):
Insurance Australia Group is set to be left with surplus capital that it may return to shareholders after selling three of its Asian businesses for more than half a billion dollars. The insurer on Tuesday said it would sell its businesses in Vietnam, Thailand and Indonesia to two different overseas buyers, which will deliver an after-tax profit of $200 million in its full-year results next year. Tokio Marine & Nichido Fire Insurance, part of Japan's largest property and casualty insurance group, would purchase IAG's Thai and Indonesian businesses for $525 million, IAG said. “We believe Tokio Marine is an ideal owner given its experience in the region, and that this is a good outcome for the associated employees, customers and other stakeholders,” IAG chief executive Peter Harmer said. IAG is also selling its dominant stake in AAA Assurance Corp, based in Vietnam. It did not disclose the sale price for this deal.
Macquarie Group Ltd (MQG):
Macquarie Group is ramping up plans to harvest its next batch of technology superstars, adding data security software company Nuix Ltd to the initial public offering pipeline. As Street Talk revealed on Monday, Macquarie's Nuix has written to investment banks seeking formal pitches for its proposed sharemarket listing, asking banks for their thoughts on how to value the company and structure its mooted float. While valuing a high-growth software company is never easy, Nuix is expected to seek a market value above $1 billion and cement its spot among Macquarie's stable of tech sector unicorns. Macquarie has about a 70 per cent stake in the business and, understandably, is believed to be calling the shots around its IPO. Macquarie's bankers are expected to play a leading role as a joint lead manager, although there is room for another one or two banks on the ticket.
National Australia Bank Ltd (NAB):
National Australia Bank has hired investment banks Macquarie Capital and Morgan Stanley to help prepare its $3 billion-odd MLC wealth management division for sale. It is understood NAB has taken formal pitches from investment banks over the past month, and Macquarie Capital and Morgan Stanley have emerged as its preferred advisers. NAB is seeking investment banking advisers to help decide whether it should sell MLC to a trade or financial buyer, spin it off to existing NAB shareholders or list it via an initial public offering. Sources said all options remained up in the air, almost one year after NAB first put its wealth management business units under review. NAB formally announced it would divest its wealth arm MLC in May, and said it was likely to be a deal for late 2019.
Rio Tinto Limited (RIO):
Rio Tinto expects to spend at least $2.2 billion on replacement iron ore mines in Western Australia over the next three years, but has resisted the temptation to bring forward a final investment decision on the much-anticipated Koodaideri project. The spend on replacement mines includes Koodaideri, West Angeles and the Robe Valley development, with Koodaideri to underpin Rio Tinto's high grade "Pilbara blend" iron ore product and provide capacity options. Rio Tinto iron ore chief executive Chris Salisbury warned there were signs of cost pressures in the industry and the Pilbara where BHP and Fortescue Metals Group have just given the green light to major mine developments worth $6.25 billion in total. Rio Tinto's iron ore division is focused on mine-to-market productivity gains in trying to deliver $500 million in additional free cash flow a year by 2021.
South32 Ltd (S32):
South32 says its $US1.3 billion cash offer for Arizona Mining, unveiled on Monday, is a response to the best opportunity that the mid-tier miner has assessed in its three-and-a-half year lifetime. The BHP spin-off is already a major shareholder in Arizona with 17 per cent of its shares, and South32’s chief executive Graham Kerr said his company was “the natural owner” of Arizona’s Hermosa project.
Woolworths Group Ltd (WOW):
Woolworths and Wesfarmers are racing to build their digital and data analytics capabilities amid increasing competition in the $90 billion food and grocery market. One week after Wesfarmers unveiled plans to double its investment in digital and data, Woolworths is revamping its sales data sharing services in a move aimed at tailoring its range to meet customer needs and giving suppliers better insights into customer spending habits. The retailer has launched a request for proposal and invited its existing data and research partners – IRI, Nielsen and Woolworths' 50-per cent owned data analytics firm Quantium – to participate in a tender for its sales data sharing platforms.
(Source: AIMS)
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