Australia and New Zealand Banking Group (ANZ):
ANZ Bank chief executive Shayne Elliott may restructure its under-pressure Australian division, following a decision by Fred Ohlsson to take a career break and step down from leading the unit. Mr Ohlsson will leave the bank, prompting a review to determine “the best structure for the Australian division”, ANZ said yesterday. It is unclear if 17-year ANZ veteran Mr Ohlsson will return to the bank. He will hand over the baton on an interim basis to group executive of business and private banking Mark Hand in January.
Australian Pharmaceutical Industries Ltd (API):
Australian Pharmaceutical Industries has made a bid for rival Sigma Healthcare, valuing the target at $727 million. It comes after API, which counts Washington H Soul Pattinson as its major shareholder, acquired a 12.95 per cent interest in Sigma at 64c per share and announced it made a proposal to Sigma’s board on October 11. API is offering Sigma shareholders 0.31 API shares and 23c cash for each Sigma shares and was valued at 68.6c per share on Thursday. The offer was to acquire Sigma via a scheme of arrangement and represents a 69.3 per cent premium to Sigma’s share price at the close of trade Thursday. As part of the deal, API would own about 63 per cent of the combined entity with Sigma shareholders owning the remainder. API chairman Mark Smith said that the API board believed a merger was the best opportunity to deliver significant benefits to both groups of shareholders, pharmacists and customers.
BHP Group Ltd (BHP):
The $US320 million ($443m) purchase of BHP’s Cerro Colorado copper mine by Owen Hegarty’s EMR Capital has collapsed after the acquisitive private equity group was unable to secure -finance for the deal. Both companies confirmed the deal had fallen over in what is a big blow to EMR’s growth ambitions. “EMR Capital confirms that the decision to terminate the Cerro Colorado agreement was mutually agreed after it became clear that the financing conditions of the transaction would not be satisfied within the time frame,” a spokeswoman for EMR said. BHP also confirmed the end of the transaction, noting the deal was to close by the end of calendar 2018, subject to financing and customary closing conditions.
Cimic Group Ltd (CIM):
Cimic shares should jump today after the company announced a potentially significant new share buyback. The engineering services group says it will buy-back up to 10pc of its shares over 12 months from Dec 29. “Funded by a combination of cash balances and working capital facilities, the new buy-back demonstrates CIMIC’s strong balance sheet position, solid cash flow generation, and disciplined approach to capital management,” the company says. Of course the timing and number of shares purchased will depend on the share price and market conditions. But this might help put a floor under Cimic shares after they hit an 18-month low of $39.58 on Monday. And a sustained break above the recent “swing low” at $41.56 might signal that the recent selloff is finished.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank has become the second major Australian bank to allow its customers access to Apple Pay, buckling to feedback that suggested strong demand for it. CBA joins ANZ in opening the door to Apple Pay, which has 5,200 banking partners worldwide. CBA’s head of Retail Banking Services Angus Sullivan said after writing to customers this year to request information on what the bank should do differently CBA “heard repeatedly” that Apple Pay was a service customers wanted. “We are committed to making changes that benefit our customers and simplify our business,” he said. “We will continue to look for more opportunities to innovate and listen, to ensure our customers get the best experience when they bank with us.”
Crown Resorts Ltd (CWN):
The long running court battle between James Packer’s Crown Resorts and developer Lendlease against the authority overseeing the development of Sydney’s harbourside Barangaroo precinct comes to a head this morning with a crucial judgement to be handed down. At issue is whether the authority has acted in good faith in negotiations about sight lines from the proposed $2.2 billion Crown Resorts casino, hotel and apartment development, and from luxury apartment towels proposed by Lendlease, that provide views from Sydney Harbour Bridge and Sydney Opera House.
CSR Limited (CSR):
Shares in CSR are leading the losses in early trade, down 5.2 per cent to $2.67 after managing director and chief Rob Sindel announced his intention to step down after the “difficult period” of its Viridian Glass sale. The construction materials provider said an internal and external search had begun for Mr Sindel’s successor after his eight years in the role, with an update expected when the company’s full-year results are reported in May. CSR said Mr Sindel had guided the company through “a number of complex and substantial transactions, as well as a difficult period in the building cycle.” CSR last month confirmed the sale of Viridian and a site at Dendenong to Crescent Capital Partners for $155 million, a deal expected to be completed by February 2019.
Domino's Pizza Enterprises Ltd (DMP):
A Gold Coast Domino’s franchisee is reportedly taking the pizza chain to court alleging misleading and deceptive conduct, unconscionable behaviour, misuse of market power and breaches of the franchise code of conduct. It comes as the franchisee Tim Yervantian claims his stores are barely breaking even as stores are ‘split’ and as labour, food and energy costs rise and could open the floodgates for more actions across the nation.
GWA Group Ltd (GWA):
Household product maker GWA Group has unveiled its plans to grow its water solutions business with the acquisition of Auklandbased tap and shower manufacturer Methven. GWA have offered $NZ1.60 ($1.52) per share, and expects annual synergies of at least $4.8 million by FY21 primarily from logistics, freight, product and listed company savings. The acquisition is expected to be mid-single digit EPS accretive in FY20 on a normalised basis including synergies, and high single digit EPS accretive in FY21. “The combination of GWA and Methven will create a stronger transTasman business which will allow us to strengthen our offering in bathroom and kitchen fixtures,” managing director Tim Salt told the market. “Methven is a complementary fit to GWA’s business. Its presence in the taps and showers category in the Australasian market is a strong complement to GWA’s existing business.”
Qantas Airways Limited (QAN):
Qantas has wound back its “volunteering initiative” at Sydney International Airport after an angry response from unions. The “Christmas peak volunteer initiative 2018” was sent out to staff at the airline’s Mascot headquarters last week, inviting employees to “lend a hand to the frontline” in December and January. Roles available for volunteers included helping out in the self-service check-in area, auto bag-drop, arrivals hall, bussing area and business lounge. The Australian Services Union led the protest against the plan, labelling it “corporate greed” and “wage theft”. Despite Qantas reporting a “very good” response to the initiative, a spokesman confirmed yesterday that changes had been made, cutting it down to a two-week period. “We recognise some of the planned activity went further than previous years so we have made some changes to the program,” the spokesman said. The changes included restricting the volunteering to executives who would spend no more than two hours a day at Terminal 1, handing out bottles of water and chocolates and helping people with directions.
(Source：AIMS)
ANZ Bank chief executive Shayne Elliott may restructure its under-pressure Australian division, following a decision by Fred Ohlsson to take a career break and step down from leading the unit. Mr Ohlsson will leave the bank, prompting a review to determine “the best structure for the Australian division”, ANZ said yesterday. It is unclear if 17-year ANZ veteran Mr Ohlsson will return to the bank. He will hand over the baton on an interim basis to group executive of business and private banking Mark Hand in January.
Australian Pharmaceutical Industries Ltd (API):
Australian Pharmaceutical Industries has made a bid for rival Sigma Healthcare, valuing the target at $727 million. It comes after API, which counts Washington H Soul Pattinson as its major shareholder, acquired a 12.95 per cent interest in Sigma at 64c per share and announced it made a proposal to Sigma’s board on October 11. API is offering Sigma shareholders 0.31 API shares and 23c cash for each Sigma shares and was valued at 68.6c per share on Thursday. The offer was to acquire Sigma via a scheme of arrangement and represents a 69.3 per cent premium to Sigma’s share price at the close of trade Thursday. As part of the deal, API would own about 63 per cent of the combined entity with Sigma shareholders owning the remainder. API chairman Mark Smith said that the API board believed a merger was the best opportunity to deliver significant benefits to both groups of shareholders, pharmacists and customers.
BHP Group Ltd (BHP):
The $US320 million ($443m) purchase of BHP’s Cerro Colorado copper mine by Owen Hegarty’s EMR Capital has collapsed after the acquisitive private equity group was unable to secure -finance for the deal. Both companies confirmed the deal had fallen over in what is a big blow to EMR’s growth ambitions. “EMR Capital confirms that the decision to terminate the Cerro Colorado agreement was mutually agreed after it became clear that the financing conditions of the transaction would not be satisfied within the time frame,” a spokeswoman for EMR said. BHP also confirmed the end of the transaction, noting the deal was to close by the end of calendar 2018, subject to financing and customary closing conditions.
Cimic Group Ltd (CIM):
Cimic shares should jump today after the company announced a potentially significant new share buyback. The engineering services group says it will buy-back up to 10pc of its shares over 12 months from Dec 29. “Funded by a combination of cash balances and working capital facilities, the new buy-back demonstrates CIMIC’s strong balance sheet position, solid cash flow generation, and disciplined approach to capital management,” the company says. Of course the timing and number of shares purchased will depend on the share price and market conditions. But this might help put a floor under Cimic shares after they hit an 18-month low of $39.58 on Monday. And a sustained break above the recent “swing low” at $41.56 might signal that the recent selloff is finished.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank has become the second major Australian bank to allow its customers access to Apple Pay, buckling to feedback that suggested strong demand for it. CBA joins ANZ in opening the door to Apple Pay, which has 5,200 banking partners worldwide. CBA’s head of Retail Banking Services Angus Sullivan said after writing to customers this year to request information on what the bank should do differently CBA “heard repeatedly” that Apple Pay was a service customers wanted. “We are committed to making changes that benefit our customers and simplify our business,” he said. “We will continue to look for more opportunities to innovate and listen, to ensure our customers get the best experience when they bank with us.”
Crown Resorts Ltd (CWN):
The long running court battle between James Packer’s Crown Resorts and developer Lendlease against the authority overseeing the development of Sydney’s harbourside Barangaroo precinct comes to a head this morning with a crucial judgement to be handed down. At issue is whether the authority has acted in good faith in negotiations about sight lines from the proposed $2.2 billion Crown Resorts casino, hotel and apartment development, and from luxury apartment towels proposed by Lendlease, that provide views from Sydney Harbour Bridge and Sydney Opera House.
CSR Limited (CSR):
Shares in CSR are leading the losses in early trade, down 5.2 per cent to $2.67 after managing director and chief Rob Sindel announced his intention to step down after the “difficult period” of its Viridian Glass sale. The construction materials provider said an internal and external search had begun for Mr Sindel’s successor after his eight years in the role, with an update expected when the company’s full-year results are reported in May. CSR said Mr Sindel had guided the company through “a number of complex and substantial transactions, as well as a difficult period in the building cycle.” CSR last month confirmed the sale of Viridian and a site at Dendenong to Crescent Capital Partners for $155 million, a deal expected to be completed by February 2019.
Domino's Pizza Enterprises Ltd (DMP):
A Gold Coast Domino’s franchisee is reportedly taking the pizza chain to court alleging misleading and deceptive conduct, unconscionable behaviour, misuse of market power and breaches of the franchise code of conduct. It comes as the franchisee Tim Yervantian claims his stores are barely breaking even as stores are ‘split’ and as labour, food and energy costs rise and could open the floodgates for more actions across the nation.
GWA Group Ltd (GWA):
Household product maker GWA Group has unveiled its plans to grow its water solutions business with the acquisition of Auklandbased tap and shower manufacturer Methven. GWA have offered $NZ1.60 ($1.52) per share, and expects annual synergies of at least $4.8 million by FY21 primarily from logistics, freight, product and listed company savings. The acquisition is expected to be mid-single digit EPS accretive in FY20 on a normalised basis including synergies, and high single digit EPS accretive in FY21. “The combination of GWA and Methven will create a stronger transTasman business which will allow us to strengthen our offering in bathroom and kitchen fixtures,” managing director Tim Salt told the market. “Methven is a complementary fit to GWA’s business. Its presence in the taps and showers category in the Australasian market is a strong complement to GWA’s existing business.”
Qantas Airways Limited (QAN):
Qantas has wound back its “volunteering initiative” at Sydney International Airport after an angry response from unions. The “Christmas peak volunteer initiative 2018” was sent out to staff at the airline’s Mascot headquarters last week, inviting employees to “lend a hand to the frontline” in December and January. Roles available for volunteers included helping out in the self-service check-in area, auto bag-drop, arrivals hall, bussing area and business lounge. The Australian Services Union led the protest against the plan, labelling it “corporate greed” and “wage theft”. Despite Qantas reporting a “very good” response to the initiative, a spokesman confirmed yesterday that changes had been made, cutting it down to a two-week period. “We recognise some of the planned activity went further than previous years so we have made some changes to the program,” the spokesman said. The changes included restricting the volunteering to executives who would spend no more than two hours a day at Terminal 1, handing out bottles of water and chocolates and helping people with directions.
(Source：AIMS)
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