AMERICAN – AUSTRALIA

ALS in play after private equity lobs $2bn approach

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Original article by Paul Garvey. Bridget Carter
The Australian – Page: 19 & 22 : 2-Jun-16

Shares in Australian-listed ALS went into a trading halt on 1 June 2016, ahead of an announcement about a potential buyout. Media reports have suggested that private equity firms Bain Capital and Advent International have approached the mining services group regarding a takeover bid. ALS shares last traded at $A4.05, having peaked at more than $A10 in 2013. The laboratory testing group’s net loss widened to $A240.7 million in the year to 31 March 2016.

CORPORATES
ALS LIMITED – ASX ALQ. BAIN CAPITAL LLC. ADVENT INTERNATIONAL CORPORATION. BANK OF AMERICA AUSTRALIA LIMITED. MERRILL LYNCH (AUSTRALIA) PTY LTD. JP MORGAN AUSTRALIA LIMITED. THE GOLDMAN SACHS GROUP INCORPORATED. SGS LIMITED. ISATEC LIMITED. BUREAU VERITAS. CRESCENT CAPITAL PARTNERS LIMITED. CARDNO LIMITED – ASX CDD. BRADKEN LIMITED – ASX BKN. MOLY-COP. ARRIUM LIMITED – ASX ARI. TPG CAPITAL LP. THE BLACKSTONE GROUP LP. RHONE CAPITAL LLC. BOART LONGYEAR LIMITED – ASX BLY. CENTERBRIDGE PARTNERS LP

Blackstone measures Masters as retailers weigh up sites

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Original article by Catie Low
The Australian Financial Review – Page: 13 : 4-Feb-16

US private equity firm Blackstone Group has declined to comment on speculation that it may seek to acquire either the Masters Home Improvement business itself or its portfolio of stores. Meanwhile, Costco and Ikea are among the big-box retailers that are believed to be considering taking over some of the Masters stores, while Bunnings could potentially acquire about 25 outlets. David Errington of Bank of America Merrill Lynch estimates that Woolworths could recover around $A1bn from divesting its home improvement assets.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, THE BLACKSTONE GROUP LP, COSTCO WHOLESALE AUSTRALIA PTY LTD, IKEA TRADING PTY LTD, SPOTLIGHT GROUP HOLDINGS PTY LTD, SPOTLIGHT STORES PTY LTD, ANACONDA STORES PTY LTD, BUNNINGS GROUP LIMITED, WESFARMERS LIMITED – ASX WES, HOME TIMBER AND HARDWARE, METCASH LIMITED – ASX MTS, COLES SUPERMARKETS AUSTRALIA PTY LTD, LOWE’S COMPANIES INCORPORATED, TPG CAPITAL LP, BIG W DISCOUNT STORES, CROWN RESORTS LIMITED – ASX CWN, BLACKSTONE REAL ESTATE ADVISORS LLC

Graincorp up on PM change

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Original article by Jared Lynch
The Australian Financial Review – Page: 30 : 17-Sep-15

Shares in GrainCorp have risen by nearly nine per cent since Malcolm Turnbull became Prime Minister. There has been speculation that Archer Daniels Midland could make a new takeover bid for GrainCorp due to the leadership change. Archer’s previous bid in 2013 was blocked by Treasurer Joe Hockey on national interest grounds. Belinda Moore of Morgans Financial attributes the share price rally to expectations that the Federal Government will be more open to foreign investment under Turnbull.

CORPORATES
GRAINCORP LIMITED – ASX GNC, ARCHER DANIELS MIDLAND COMPANY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, MORGANS FINANCIAL LIMITED, ELLERSTON CAPITAL PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, LIBERAL PARTY OF AUSTRALIA

Buffett to play on the ASX

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 13 : 17-Jun-15

Insurance Australia Group (IAG) shares rallied on 16 June 2015 in response to a deal for US investment guru Warren Buffett to acquire a 3.7 per cent stake in the general insurer for $A500m. As part of the deal, Buffett’s Berkshire Hathaway will be paid 20 per cent of IAG’s annual revenue for the next decade, which will be reinvested in a number of large Australian-listed companies. Buffett has indicated that bank stocks may be included in the portfolio.

CORPORATES
INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, BERKSHIRE HATHAWAY INCORPORATED, CREDIT SUISSE (AUSTRALIA) LIMITED, PETERS MACGREGOR CAPITAL MANAGEMENT PTY LTD, WELLS FARGO BANK, BANK OF AMERICA CORPORATION

Recall sure on takeover bid

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Original article by Tim Binsted, James Thomson
The Australian Financial Review – Page: 15 : 10-Jun-15

Recall Holdings’ shares closed 3.5 per cent higher at $A7.27 on 9 June 2015, after the records management group’s board accepted a takeover offer from US-based Iron Mountain. The deal was endorsed after Iron Mountain added a cash component of $A0.50 per share to its offer of 0.1722 of its shares for each Recall share. Recall CEO Doug Pertz expects the revised deal to receive the backing of shareholders.

CORPORATES
RECALL HOLDINGS LIMITED – ASX REC, IRON MOUNTAIN INCORPORATED, GREENCAPE CAPITAL PTY LTD

Iron Mountain sweetens Recall bid

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Original article by Tim Binsted
The Australian Financial Review – Page: 22 : 9-Jun-15

Recall Holdings CEO Doug Pertz believes that the revised takeover offer from US-based Iron Mountain is in the best interests of shareholders. Iron Mountain has added a cash component of $A0.50 per share to its offer of 0.1722 of its shares for each Recall share. Meanwhile, the suitor has upgraded its estimate of the likely synergies from the merger to at least $US155m ($A202m). Recall shares closed at $A7.02 on 5 June 2015.

CORPORATES
RECALL HOLDINGS LIMITED – ASX REC, IRON MOUNTAIN INCORPORATED

QIC strikes $1 billion infrastructure deal

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 21 : 21-May-15

QIC will invest nearly $A1bn in infrastructure assets on behalf of the California Public Employees Retirement System. Australia and New Zealand will be the main focus of the investment portfolio, including transport, energy and utility assets, although QIC will also seek assets in Asian countries. The US pension fund boasts some $A300bn worth of assets, while QIC’s infrastructure portfolio is worth $A5.8bn.

CORPORATES
QIC LIMITED, CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, AMP CAPITAL INVESTORS LIMITED, OHIO STATE UNIVERSITY, JP MORGAN ASSET MANAGEMENT INCORPORATED, QUEENSLAND MOTORWAYS LIMITED, TRANSURBAN GROUP LIMITED – ASX TCL, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, EPIC ENERGY PTY LTD, PORT OF BRISBANE, BRISBANE AIRPORT, WESTLINK MOTORWAY LIMITED

Vail Resorts buys Perisher

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Original article by Robert Harley
The Australian Financial Review – Page: 13 : 1-Apr-15

James Packer and Luca and Guido Belgiorno-Nettis have sold the Perisher ski resort in New South Wales to US-based Vail Resorts. The $A176.6m deal is subject to approval from the State Government. Vail has indicated that people who buy Perisher’s Freedom Pass will also be able to use the group’s North America ski resorts. Perisher has been owned by a joint venture between the Packer and Belgiorno-Nettis families since 1995

CORPORATES
PERISHER BLUE PTY LTD, VAIL RESORTS INCORPORATED, TRANSFIELD CORPORATE PTY LTD

Caltex eyes franking credits post Chevron

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Original article by Peter Ker
The Australian Financial Review – Page: 17 & 22 : 30-Mar-15

Caltex Australia has indicated that its business strategy will not be affected by US-based Chevron’s sale of its 50 per cent stake for $A4.6bn. Chevron sold its long-standing stake in Caltex at $A34.20 per share, compared with the stock’s closing price of $A37.88 on 27 March 2015. Caltex CFO Simon Hepworth says Chevron’s exit from its share register will enhance the group’s ability to provide shareholders with franking credits

CORPORATES
CALTEX AUSTRALIA LIMITED – ASX CTXCHEVRON CORPORATIONGOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTDRIO TINTO LIMITED – ASX RIOROYAL DUTCH SHELL PLCWOODSIDE PETROLEUM LIMITED – ASX WPLVIVA ENERGY AUSTRALIA LIMITEDOZ MINERALS LIMITED – ASX OZLSANDFIRE RESOURCES NL – ASX SFRNEWCREST MINING LIMITED – ASX NCMEVOLUTION MINING LIMITED – ASX EVN

Orica launches $400m share buyback

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Original article by Tim Binsted
The Australian Financial Review – Page: 17 : 3-Mar-15

Australian-listed Orica has revealed plans for an on-market share buyback from mid-March 2016. The explosives group intends to repurchase up to $A400m worth of shares over the next 12 months, following the sale of its chemicals division to Blackstone for $A750m. The private equity firm has announced that the business will be known as Ixom. It boasts EBIT of around $A110m and revenue of $A1.2bn

CORPORATES
ORICA LIMITED – ASX ORI, THE BLACKSTONE GROUP LP, IXOM, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, CITIGROUP PTY LTD, LAZARD PTY LTD, FONTERRA CO-OPERATIVE GROUP LIMITED, NUFARM LIMITED – ASX NUF, CALTEX AUSTRALIA LIMITED – ASX CTX, SYDNEY WATER CORPORATION, BLUESCOPE STEEL LIMITED – ASX BSL