K: Financial and Insurance Services

Allegro buys The Ghan and Indian Pacific trains

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Original article by Simon Evans
The Australian Financial Review – Page: 20 : 31-Mar-15

Allegro Funds has paid an undisclosed price for Great Southern Rail, which operates iconic Australian train services The Ghan and The Indian Pacific. The vendor was Serco, which has owned Great Southern Rail since 1999. International tourists account for around 25 per cent of passengers on the two trains, and Allegro MD Adrian Loader anticipates continued strong growth in demand for upmarket rail travel

CORPORATES
ALLEGRO FUNDS PTY LTD, GREAT SOUTHERN RAIL, SERCO GROUP PLC, LONDON STOCK EXCHANGE, CUSTOM COACHES

A2 Milk shuns Asia as shares hit ASX

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Original article by Tim Binsted
The Australian Financial Review – Page: 17 : 31-Mar-15

New Zealand-based The a2 Milk Company has built a significant market share in Australia in the last eight years. The group’s shares will debut on the Australian sharemarket on 31 March 2015, although it has not raised additional capital via the listing. CEO Geoff Babidge has outlined plans for the group to expand into the US and the UK. It will also seek to lift revenue from $NZ110.6m in 2013-14 to $NZ230m by 2015-16

CORPORATES
THE A2 MILK COMPANY LIMITED – ASX A2M, FREEDOM FOODS GROUP LIMITED – ASX FNP, PRICEWATERHOUSECOOPERS, PEPSI-COLA COMPANY, PARMALAT AUSTRALIA PTY LTD

Dividend credit debate splits business, investors

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Original article by Vesna Poljak, Shaun Drummond, Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 31-Mar-15

Changes to the dividend imputation system are among the reforms canvassed in the Australian Government’s tax discussion paper, which was released in late March 2015. Wilson Asset Management chairman Geoff Wilson says scrapping dividend imputation credits may result in a sharp fall in yields for investors, while Fidelity fund manager Paul Taylor warns that it would result in poor decisions on the allocation of capital. However, some observers are in favour of reviewing dividend imputation

CORPORATES
WILSON ASSET MANAGEMENT, FIDELITY INVESTMENTS AUSTRALIA LIMITED, CREDIT SUISSE (AUSTRALIA) LIMITED, CORPORATE TAX ASSOCIATION, COCHLEAR LIMITED – ASX COH, GROUP OF 100, BUSINESS COALITION FOR TAX REFORM, WOOLWORTHS LIMITED – ASX WOW, WAVESTONE CAPITAL PTY LTD, CARDNO LIMITED – ASX CDD, AMP LIMITED – ASX AMP

Foreign suitors tipped to strike again in 2015

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 24 : 30-Mar-15

A report produced by law firm Gilbert + Tobin shows that offshore buyers were more active in mergers and acquisitions involving Australian-listed companies in 2014. The firm expects a similar level of takeover activity involving offshore groups in 2015, citing factors such as the lower Australian dollar. The real estate, resources and energy sectors in particular are tipped to generate strong interest among offshore investors

CORPORATES
GILBERT AND TOBIN LAWYERSTOLL HOLDINGS LIMITED – ASX TOLJAPAN POSTROC OIL COMPANY LIMITEDAURORA OIL AND GAS LIMITEDDAVID JONES LIMITEDDEALOGIC HOLDINGS PLCHJ HEINZ COMPANYKRAFT FOODS INCORPORATED

Unions urge defiance on super freeze

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Original article by Ewin Hannan
The Australian Financial Review – Page: 8 : 26-Mar-15

The ACTU states in a submission to the Fair Work Commission that mandatory contributions to superannuation should be increased by 0.5 per cent to 10 per cent for workers on award minimum wages. The Australian Government does not want to increase super contributions, but the ACTU claims that the commission has power under the Fair Work Act to order the increase

CORPORATES
ACTU, RESERVE BANK OF AUSTRALIA, AUSTRALIANSUPER PTY LTD, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

6300 in sight for Citi

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Original article by Sally Rose
The Australian Financial Review – Page: 31 : 26-Mar-15

The S&P/ASX 200 remains close to the 6,000-point level, but some equity strategists are bullish about the benchmark index’s outlook. Tony Brennan and Vivian Jiang of Citigroup forecast that it will top 6,300 points by the end of 2015, while Credit Suisse has a year-end target of 6,500 points. The market is tipped to push higher due to factors such as rising support for shares due to low interest rates in Australia and overseas

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CITIGROUP PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, ZURICH INVESTMENT MANAGEMENT LIMITED, UNITED STATES. FEDERAL RESERVE BOARD, BANK OF ENGLAND, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Bankers pick plenty of M&A in 2015

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 25 : 26-Mar-15

Data from Dealogic shows that mergers and acquisitions activity involving Australian companies has topped $US32bn ($A40bn) so far in 2015. Major deals have included the acquisition of Toll Holdings by Japan Post and the proposed merger between Federation Centres and Novion Property Group. Geoff Joyce of Macquarie Capital is upbeat about the outlook for M&A activity, while Simon Ranson of JP Morgan notes that deal-making is being spurred on by reduced financing costs

CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, TOLL HOLDINGS LIMITED – ASX TOL, JAPAN POST, FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, MACQUARIE CAPITAL PTY LTD, IFM INVESTORS PTY LTD, INDIANA TOLL ROAD CONCESSION COMPANY, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, VARDE PARTNERS INCORPORATED, DEUTSCHE BANK AG, GE CAPITAL CORPORATION, PACIFIC EQUITY PARTNERS PTY LTD, BAIN CAPITAL LLC, BRADKEN LIMITED – ASX BKN, UBS HOLDINGS PTY LTD, MORGAN STANLEY REAL ESTATE INVESTING, INVESTA PROPERTY GROUP, MORGAN STANLEY AUSTRALIA LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, GPT GROUP – ASX GPT, MOELIS AND COMPANY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ESANDA FINANCE CORPORATION LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Unions urge defiance on super freeze

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Original article by Ewin Hannan
The Australian Financial Review – Page: 8 : 26-Mar-15

The ACTU states in a submission to the Fair Work Commission that mandatory contributions to superannuation should be increased by 0.5 per cent to 10 per cent for workers on award minimum wages. The Australian Government does not want to increase super contributions, but the ACTU claims that the commission has power under the Fair Work Act to order the increase

CORPORATES
ACTU, RESERVE BANK OF AUSTRALIA, AUSTRALIANSUPER PTY LTD, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Bankers pick plenty of M&A in 2015

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 25 : 26-Mar-15

Data from Dealogic shows that mergers and acquisitions activity involving Australian companies has topped $US32bn ($A40bn) so far in 2015. Major deals have included the acquisition of Toll Holdings by Japan Post and the proposed merger between Federation Centres and Novion Property Group. Geoff Joyce of Macquarie Capital is upbeat about the outlook for M&A activity, while Simon Ranson of JP Morgan notes that deal-making is being spurred on by reduced financing costs

CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, TOLL HOLDINGS LIMITED – ASX TOL, JAPAN POST, FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, MACQUARIE CAPITAL PTY LTD, IFM INVESTORS PTY LTD, INDIANA TOLL ROAD CONCESSION COMPANY, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, VARDE PARTNERS INCORPORATED, DEUTSCHE BANK AG, GE CAPITAL CORPORATION, PACIFIC EQUITY PARTNERS PTY LTD, BAIN CAPITAL LLC, BRADKEN LIMITED – ASX BKN, UBS HOLDINGS PTY LTD, MORGAN STANLEY REAL ESTATE INVESTING, INVESTA PROPERTY GROUP, MORGAN STANLEY AUSTRALIA LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, GPT GROUP – ASX GPT, MOELIS AND COMPANY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ESANDA FINANCE CORPORATION LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

6300 in sight for Citi

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Original article by Sally Rose
The Australian Financial Review – Page: 31 : 26-Mar-15

The S&P/ASX 200 remains close to the 6,000-point level, but some equity strategists are bullish about the benchmark index’s outlook. Tony Brennan and Vivian Jiang of Citigroup forecast that it will top 6,300 points by the end of 2015, while Credit Suisse has a year-end target of 6,500 points. The market is tipped to push higher due to factors such as rising support for shares due to low interest rates in Australia and overseas

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CITIGROUP PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, ZURICH INVESTMENT MANAGEMENT LIMITED, UNITED STATES. FEDERAL RESERVE BOARD, BANK OF ENGLAND, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ