Amcor Limited (AMC):
Packaging company Amcor has entered a trading halt ahead of a possible acquisition, following reports it has been in talks to take over US rival Bemis. In a statement to the market this morning, Amcor (AMC) said it is considering an all-stock acquisition. It gave no further details. The trading halt follows reports by the The Wall Street Journal that Amcor has been in talks to buy Wisconsin-based packaging firm Bemis, which has a market value of about $US4.2 billion. Given a typical takeover premium, an acquisition could value the company at more than $US5 billion, the WSJ reported. Bemis makes flexible packaging for healthcare companies and consumer packaged goods providers like Kraft Heinz and employs around 16,000 people globally. By acquiring Bemis, Amcor could bolster its offerings of so-called rigid plastic packaging. That business represents about 32 per cent of Amcor’s total sales, compared with 68 per cent for its operation making flexible packaging products.
Argosy Minerals Limited (AGY):
It has a majority stake in the Rincon lithium mine in Argentina and announced production of 99.6 per cent 'battery grade' lithium carbonate. High demand for battery ingredients has pushed lithium prices up to $US15,000 per tonne, according to Argosy. It also forecasts a tight lithium market in coming years.
National Australia Bank Ltd (NAB):
The amount of compensation NAB is to pay members of super funds it ripped off has blown out by $20 million over the past fortnight, evidence at the banking royal commission has established. Late last month NAB said it would refund $67m to customers who were charged hundreds of dollars in fees for the opportunity to access a financial adviser — even if they didn’t use the adviser’s services. But this morning counsel assisting the royal commission, Michael Hodge, QC, revealed that on Friday NAB told the inquiry it would now pay customers $87m, after interest and investment losses are included. The bank has previously said more than 300,000 customers were affected. NAB executives are under the griller at the commission today amid a continuing investigation by the corporate watchdog into its super business. Evidence at the commission this morning showed how NAB and its financial advisers continue to draw money out of members’ retirement savings without their permission. The commission also heard that even though the bank first discovered problems with the fees it was charging in 2016, some customers will continue to be charged fees until September.
Nine Entertainment Co. Holdings Limited (NEC):
Nine is set to launch addressable advertising on Monday with plans to take on Facebook and Google. Facebook and Google’s eerily accurate advertising might soon be coming to television, with free-to-air broadcasters set to use catch-up service log-ins to target audiences and personalise marketing campaigns. Nine Entertainment Co is launching “addressable advertising” to allow ads to target people based on their demographic data when they use the TV network’s broadcast-video-on-demand platform 9Now. When 9Now was launched in January 2016, anyone who wanted to see the content was required to sign in and provide a few basic details. Marketers will be able to use this database to target their campaigns and, in future, credit card data will be tracked to measure whether there has been an increase in sales.
SEEK Limited (SEK):
Shares in job advertisement company Seek plunged to a three-month low in early trade after it flagged the writedown of $178 million in impairments in its 2018 full-year results, citing poor political conditions affecting its Mexican and Brazilian businesses. The writedown was offset by a $36m increase in the carrying value of its stake in Chinese platform Maimai, taking the net impairment charges for the full-year to $142m. In a statement to the market this morning, the company (SEK) said it would recognise a non-cash impairment charges of $119m for the carrying value of Brasil Online, as well as a $59m impairment charge for OCC in Mexico. Deteriorating economic and political conditions have impacted its Brasil Online business, while uncertainty and increased competition has impacted the outlook for future cashflows of its Mexico online job board, OCC.
Telstra Corporation Ltd (TLS):
Telstra staff are bracing for more cuts over the coming weeks as the impact of the telco’s strategic overhauls starts to make its way through the system. But amid the impending carnage the telco is counting on new talent coming on board to make the difference. The telco shocked the market last Monday with a dramatic reset of its senior ranks leading to the exit of incumbent chief financial officer Warwick Bray, chief marketing officer, Joe Pollard, and Will Irving, the head of Telstra’s wholesale business. Former Nokia boss Stephen Elop is also leaving the telco after spending just over two years as its technology guru. The restructure is now set to make its mark across Telstra’s middle management over the coming weeks, with almost every division affected. However, chief executive Andrew Penn’s organisational reset has seen the telco make a couple of interesting hires as well. The entry of public broadcaster SBS’s former supremo Michael Ebeid may have generated the headlines but it’s the telco’s soon-to-be networks boss, Nikos Katinakis, who could potentially be the linchpin of a revitalised Telstra. He may be new to the Australian telecoms market but Mr Penn says he is exactly the type of talent Telstra needs as it gets ready for the 5G race.
Vicinity Centres (VCX):
Shipbuilder Keppel Corp said on Monday a unit of its asset management arm had entered a memorandum of understanding with Vicinity Centres to establish a private fund. The companies intended to invest in an initial $1 billion portfolio of Australian retail properties currently owned by Vicinity, Keppel said in a statement, adding that the parties planned to manage the fund through a joint venture. Keppel Capital, which is Keppel Corp's asset management arm, will hold a 50 per cent stake in the venture with Vicinity, and each party will hold a 10 per cent equity stake in the fund. Keppel said Vicinity was expected to initially inject about $1 billion of retail assets across five Australian states into the proposed fund, which is expected to close by the first quarter in 2019. Vicinity Centres was not immediately available for a comment.
Woolworths Group Ltd (WOW):
An investigation and review of Woolworths hotels and pokies operations undertaken by the former chief executive of the supermarket giant, Roger Corbett, has found that a number of venues in Queensland, and other states, fell below acceptable company and industry standards including recording descriptive information about gaming customers and the plying of high-value gamblers with free drinks to encourage further betting activity. The review of Woolworths’ hotels and pokies operations, ALH Group, began in November last year after chairman Gordon Cairns said he would engage with the Responsible Gaming Council of Canada to conduct a comprehensive review of ALH against world best practice. ALH is jointly owned by Woolworths and the Mathieson family. Woolworths today revealed the outcomes of the investigations, led by Mr Corbett, revealing some practices at venues in Queensland, NSW and South Australia that were not in step with company and industry standards. Woolworths said these initiatives had now ceased. The company said ALH Group would take a number of steps to enhance its responsible gaming practices, including a number of recommendations made by the Responsible Gaming Council of Canada.
(Source: AIMS)
Packaging company Amcor has entered a trading halt ahead of a possible acquisition, following reports it has been in talks to take over US rival Bemis. In a statement to the market this morning, Amcor (AMC) said it is considering an all-stock acquisition. It gave no further details. The trading halt follows reports by the The Wall Street Journal that Amcor has been in talks to buy Wisconsin-based packaging firm Bemis, which has a market value of about $US4.2 billion. Given a typical takeover premium, an acquisition could value the company at more than $US5 billion, the WSJ reported. Bemis makes flexible packaging for healthcare companies and consumer packaged goods providers like Kraft Heinz and employs around 16,000 people globally. By acquiring Bemis, Amcor could bolster its offerings of so-called rigid plastic packaging. That business represents about 32 per cent of Amcor’s total sales, compared with 68 per cent for its operation making flexible packaging products.
Argosy Minerals Limited (AGY):
It has a majority stake in the Rincon lithium mine in Argentina and announced production of 99.6 per cent 'battery grade' lithium carbonate. High demand for battery ingredients has pushed lithium prices up to $US15,000 per tonne, according to Argosy. It also forecasts a tight lithium market in coming years.
National Australia Bank Ltd (NAB):
The amount of compensation NAB is to pay members of super funds it ripped off has blown out by $20 million over the past fortnight, evidence at the banking royal commission has established. Late last month NAB said it would refund $67m to customers who were charged hundreds of dollars in fees for the opportunity to access a financial adviser — even if they didn’t use the adviser’s services. But this morning counsel assisting the royal commission, Michael Hodge, QC, revealed that on Friday NAB told the inquiry it would now pay customers $87m, after interest and investment losses are included. The bank has previously said more than 300,000 customers were affected. NAB executives are under the griller at the commission today amid a continuing investigation by the corporate watchdog into its super business. Evidence at the commission this morning showed how NAB and its financial advisers continue to draw money out of members’ retirement savings without their permission. The commission also heard that even though the bank first discovered problems with the fees it was charging in 2016, some customers will continue to be charged fees until September.
Nine Entertainment Co. Holdings Limited (NEC):
Nine is set to launch addressable advertising on Monday with plans to take on Facebook and Google. Facebook and Google’s eerily accurate advertising might soon be coming to television, with free-to-air broadcasters set to use catch-up service log-ins to target audiences and personalise marketing campaigns. Nine Entertainment Co is launching “addressable advertising” to allow ads to target people based on their demographic data when they use the TV network’s broadcast-video-on-demand platform 9Now. When 9Now was launched in January 2016, anyone who wanted to see the content was required to sign in and provide a few basic details. Marketers will be able to use this database to target their campaigns and, in future, credit card data will be tracked to measure whether there has been an increase in sales.
SEEK Limited (SEK):
Shares in job advertisement company Seek plunged to a three-month low in early trade after it flagged the writedown of $178 million in impairments in its 2018 full-year results, citing poor political conditions affecting its Mexican and Brazilian businesses. The writedown was offset by a $36m increase in the carrying value of its stake in Chinese platform Maimai, taking the net impairment charges for the full-year to $142m. In a statement to the market this morning, the company (SEK) said it would recognise a non-cash impairment charges of $119m for the carrying value of Brasil Online, as well as a $59m impairment charge for OCC in Mexico. Deteriorating economic and political conditions have impacted its Brasil Online business, while uncertainty and increased competition has impacted the outlook for future cashflows of its Mexico online job board, OCC.
Telstra Corporation Ltd (TLS):
Telstra staff are bracing for more cuts over the coming weeks as the impact of the telco’s strategic overhauls starts to make its way through the system. But amid the impending carnage the telco is counting on new talent coming on board to make the difference. The telco shocked the market last Monday with a dramatic reset of its senior ranks leading to the exit of incumbent chief financial officer Warwick Bray, chief marketing officer, Joe Pollard, and Will Irving, the head of Telstra’s wholesale business. Former Nokia boss Stephen Elop is also leaving the telco after spending just over two years as its technology guru. The restructure is now set to make its mark across Telstra’s middle management over the coming weeks, with almost every division affected. However, chief executive Andrew Penn’s organisational reset has seen the telco make a couple of interesting hires as well. The entry of public broadcaster SBS’s former supremo Michael Ebeid may have generated the headlines but it’s the telco’s soon-to-be networks boss, Nikos Katinakis, who could potentially be the linchpin of a revitalised Telstra. He may be new to the Australian telecoms market but Mr Penn says he is exactly the type of talent Telstra needs as it gets ready for the 5G race.
Vicinity Centres (VCX):
Shipbuilder Keppel Corp said on Monday a unit of its asset management arm had entered a memorandum of understanding with Vicinity Centres to establish a private fund. The companies intended to invest in an initial $1 billion portfolio of Australian retail properties currently owned by Vicinity, Keppel said in a statement, adding that the parties planned to manage the fund through a joint venture. Keppel Capital, which is Keppel Corp's asset management arm, will hold a 50 per cent stake in the venture with Vicinity, and each party will hold a 10 per cent equity stake in the fund. Keppel said Vicinity was expected to initially inject about $1 billion of retail assets across five Australian states into the proposed fund, which is expected to close by the first quarter in 2019. Vicinity Centres was not immediately available for a comment.
Woolworths Group Ltd (WOW):
An investigation and review of Woolworths hotels and pokies operations undertaken by the former chief executive of the supermarket giant, Roger Corbett, has found that a number of venues in Queensland, and other states, fell below acceptable company and industry standards including recording descriptive information about gaming customers and the plying of high-value gamblers with free drinks to encourage further betting activity. The review of Woolworths’ hotels and pokies operations, ALH Group, began in November last year after chairman Gordon Cairns said he would engage with the Responsible Gaming Council of Canada to conduct a comprehensive review of ALH against world best practice. ALH is jointly owned by Woolworths and the Mathieson family. Woolworths today revealed the outcomes of the investigations, led by Mr Corbett, revealing some practices at venues in Queensland, NSW and South Australia that were not in step with company and industry standards. Woolworths said these initiatives had now ceased. The company said ALH Group would take a number of steps to enhance its responsible gaming practices, including a number of recommendations made by the Responsible Gaming Council of Canada.
(Source: AIMS)
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