AUSTRALIAN – GREAT BRITAIN

Rocky start to Lew’s British adventure

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Original article by Eli Greenblat
The Australian – Page: 13 & 16 : 17-Dec-24

Internal documents have revealed that Solomn Lew’s Premier Investments is having problems in both the UK and Australia. Sales from the first three UK stores of its sleepwear brand Peter Alexander are trading at 61.6 per cent below budget, while sales for its Smiggle brand in the UK between August and last weekend were down 12.2 per cent on the same period last year. Premier Investments’ other retail and fashion brands in Australia are also seeing negative sales growth when compared to 2023, with those brands including Jacqui E and Just Jeans.

CORPORATES
PREMIER INVESTMENTS LIMITED – ASX PMV, PETER ALEXANDER SLEEPWEAR PTY LTD, SMIGGLE PTY LTD, JACQUI E PTY LTD, JUST JEANS PTY LTD

Rocky start to Lew’s British adventure

roymorgansocial Leave a comment

Original article by Eli Greenblat
The Australian – Page: 13 & 16 : 17-Dec-24

Internal documents have revealed that Solomn Lew’s Premier Investments is having problems in both the UK and Australia. Sales from the first three UK stores of its sleepwear brand Peter Alexander are trading at 61.6 per cent below budget, while sales for its Smiggle brand in the UK between August and last weekend were down 12.2 per cent on the same period last year. Premier Investments’ other retail and fashion brands in Australia are also seeing negative sales growth when compared to 2023, with those brands including Jacqui E and Just Jeans.

CORPORATES
PREMIER INVESTMENTS LIMITED – ASX PMV, PETER ALEXANDER SLEEPWEAR PTY LTD, SMIGGLE PTY LTD, JACQUI E PTY LTD, JUST JEANS PTY LTD

REA makes $9b play for UK property platform

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 14 & 17 : 3-Sep-24

News Corporation-backed online property listings company REA Group told investors on Monday that it is considering making a takeover bid for UK property platform Rightmove, noting clear similarities between the two companies. Rightmove is currently worth Stg4.4 billion ($8.5 billion), suggesting that any bid by REA Group would need to be worth at least $9 billion. Commenting on the prospect of a bid for Rightmove by REA Group, Morningstar analyst Roy van Keulen said it could be viewed as an attempt by REA to stave off a future international competitor.

CORPORATES
REA GROUP LIMITED – ASX REA, RIGHTMOVE.CO.UK LIMITED, MORNINGSTAR PTY LTD, NEWS CORPORATION – ASX NWS

BHP runs down clock on $64b Anglo deadline

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Original article by Peter Ker
The Australian Financial Review – Page: 15 : 21-May-24

The UK’s Takeovers Code requires BHP to make a formal and binding takeover offer for Anglo American by 22 May. However, there is now a high probability that BHP will abandon its proposed bid, given that the target has rejected BHP’s improved offer of 0.8132 of its share for every Anglo American share. Meanwhile, media reports in the UK have indicated that two major Anglo American shareholders are willing to accept a simpler offer from BHP that does not involve breaking up the company.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC

Anglo American rejects second, higher BHP takeover offer

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Original article by Peter Ker
The Australian Financial Review – Page: Online : 14-May-24

BHP CEO Mike Henry says it is disappointing that Anglo American’s board has rejected a revised takeover offer and has not been willing to enter into further discussions. The initial offer had comprised 0.7097 of its shares for every Anglo American share; however, BHP increased this to 0.8132 of its shares last week, valuing the target at $64.4bn. Henry adds that the two companies are a "strategic fit", and the combined group would have a leading portfolio of high-quality assets across a range of commodities.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC

High-profile backers give BHP green light for improved Anglo bid

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 7-May-24

Argo Investments’ Andy Forster believes that BHP’s takeover bid for Anglo American makes sense, but he adds that BHP will need to sweeten its bid in order to gain the target’s support. He adds that BHP must adopt a "disciplined" approach to the takeover bid. Wilson Asset Management has also expressed support for BHP’s takeover bid; WAM Leaders Fund portfolio manager Matt Haupt notes that Anglo American’s copper assets will generate synergies for BHP, and he believes that the latter has the capacity to increase its offer by 5-10 per cent.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC, ARGO INVESTMENTS LIMITED – ASX ARG, WILSON ASSET MANAGEMENT, WAM LEADERS LIMITED – ASX WLE

High-profile backers give BHP green light for improved Anglo bid

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 7-May-24

Argo Investments’ Andy Forster believes that BHP’s takeover bid for Anglo American makes sense, but he adds that BHP will need to sweeten its bid in order to gain the target’s support. He adds that BHP must adopt a "disciplined" approach to the takeover bid. Wilson Asset Management has also expressed support for BHP’s takeover bid; WAM Leaders Fund portfolio manager Matt Haupt notes that Anglo American’s copper assets will generate synergies for BHP, and he believes that the latter has the capacity to increase its offer by 5-10 per cent.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC, ARGO INVESTMENTS LIMITED – ASX ARG, WILSON ASSET MANAGEMENT, WAM LEADERS LIMITED – ASX WLE

BHP needs bid lift for Anglo deal

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Original article by Perry Williams
The Australian – Page: 17 : 1-May-24

Research house Bernstein says BHP’s takeover bid for Anglo American can secure the target’s support at the right price. BHP’s offer comprises 0.7097 of its shares for every share in Anglo American; this valued Anglo’s shares at Stg25.08 at the time the offer was made. Bernstein analysts suggest that BHP’s bid could succeed if its offer is increased to around Stg29 per share. Anglo American deemed BHP’s initial approach to be "opportunistic", and contended that it significantly undervalues the company’s assets. Anglo American has given BHP a deadline of 22 May to make a firm offer or walk away from the proposed deal.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC, BERNSTEIN RESEARCH

BHP hunts big game in Africa

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 17 : 30-Apr-24

BHP’s primary interest in making a takeover bid for Anglo American is the latter’s copper assets, which include the Quellaveco, Los Bronces and Collahuasi projects. The proposed $59.6bn deal would see BHP regain exposure to commodities that it has been seeking to exit for the last decade, such ad diamonds and manganese. BHP has also indicated that it has no desire to hold long-term ownership of Anglo American’s platinum and iron ore assets in South Africa. Nevetheless, BHP is expected to make a sweetened takeover offer for Anglo American. Rivals such as Glencore could also potentially make a bid now that Anglo American is in play.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC, GLENCORE PLC

BHP’s bold Anglo American bid

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Original article by Nick Evans
The Australian – Page: 13 & 16 : 26-Apr-24

BHP says that acquiring Anglo American would increase its exposure to ‘future facing commodities’, given that the latter has significant copper assets. Anglo American has advised that its board is considering the Stg31bn ($60bn) offer, which it has described as "unsolicited, nonbinding and highly conditional". BHP’s offer comprises 0.7097 of its shares for every Anglo American share. The bid values the target at Stg25.08 per share, although BHP is effectively proposing to pay Stg16.82 per share because the offer is conditional on Anglo American selling its stakes in Anglo Platinum and Kumba Iron Ore to its current shareholders. Anglo American has given BHP a deadline of 22 May to make a firm offer or walk away from the proposed deal.

CORPORATES
BHP GROUP LIMITED – ASX BHP, ANGLO AMERICAN PLC, ANGLO AMERICAN PLATINUM CORPORATION, KUMBA IRON ORE LIMITED