CONSORTIUMS – AUSTRALIA

Big super lobs $22b for nation’s biggest airport

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 1 & 16 : 6-Jul-21

A consortium comprising IFM Investors, QSuper and US-based Global Infrastructure Partners has made an unsolicited cash offer of $8.25 per share for Sydney Airport. The board of Sydney Airport has advised shareholders to take no action on the $22 billion bid and is still considering the offer. Unisuper, Sydney Airport’s biggest shareholder with a 15 per cent stake, has responded favourably to the bid. One condition of the consortium’s bid is that Unisuper retains its stake in Sydney Airport and not sell out for cash.

CORPORATES
SYDNEY AIRPORT – ASX SYD, IFM INVESTORS PTY LTD, QSUPER LIMITED, GLOBAL INFRASTRUCTURE PARTNERS, UNISUPER LIMITED

KKR in fresh $7.3bn Tatts bid

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Original article by Bridget Carter
The Australian – Page: 17 & 25 : 19-Apr-17

The Pacific Consortium, which is headed by private equity firm Kohlberg Kravis Roberts, has made a revised takeover bid for Tatts Group. The consortium’s latest offer of $A7.3bn values the wagering and lotteries group at $A4.21 per share, and would not require Australian Competition & Consumer Commission approval. Tabcorp is awaiting the Competition Tribunal’s decision on its rival cash and scrip bid. The Pacific Consortium first proposed acquiring Tatts in late 2016, with plans to demerge its wagering business.

CORPORATES
TATTS GROUP LIMITED – ASX TTS, PACIFIC CONSORTIUM, KOHLBERG KRAVIS ROBERTS AND COMPANY, KKR AND COMPANY LP, TABCORP HOLDINGS LIMITED – ASX TAH, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, MACQUARIE GROUP LIMITED – ASX MQG, MORGAN STANLEY INFRASTRUCTURE, FIRST STATE SUPER, RACING NSW, MACQUARIE CAPITAL PTY LTD, GOLDMAN SACHS AUSTRALIA GROUP HOLDINGS PTY LTD, UBS HOLDINGS PTY LTD

Scene set for Kidman bidding war

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Original article by Kylar Loussikian, Sue Neales
The Australian – Page: 4 : 28-Oct-16

Directors of S. Kidman & Company have endorsed a $A386.5m offer for the pastoral business from Gina Hancock’s Hancock Prospecting and China-based Shanghai CRED. However, the BBHO consortium has signalled that its $A386m offer could potentially be increased. The Hancock-Shanghai CRED deal must be approved by the Foreign Investment Review Board, and Rinehart has indicated that Hancock will acquire full ownership of Kidman if the joint bid is rejected. BBHO has emphasised the all-Australian nature of its bid.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, HANCOCK PROSPECTING PTY LTD, SHANGHAI CRED REAL ESTATE STOCK COMPANY LIMITED, BBHO, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA. DEPT OF THE TREASURY, ONE NATION PARTY, NICK XENOPHON TEAM, GLOBAL FARMLAND FUND, SHANGHAI PENGXIN GROUP COMPANY LIMITED

Different rules for Rinehart, say farmers

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Original article by Sue Neales
The Australian – Page: 5 : 25-Oct-16

BBHO syndicate member Sterling Buntine fears that its $A386 million bid for S. Kidman & Company will not be treated fairly by the board. Buntine stressed that a rival bid from Gina Rinehart’s Hancock Prospecting and Shanghai CRED is inferior on two counts, namely being lower at $A365 million and requiring approval from the Foreign Investment Review Board.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, HANCOCK PROSPECTING PTY LTD, SHANGHAI CRED REAL ESTATE STOCK COMPANY LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, BBHO

Record $9.7b port sale rides boom

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Original article by Patrick Durkin, Jenny Wiggins, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 1 & 26 : 20-Sep-16

The Victorian Government had expected to gain between $A5bn and $A7bn from the privatisation of the Port of Melbourne. The $A9.7bn deal with the Lonsdale Consortium reflects an EBITDA multiple of 25 times earnings, while the State Government will also receive a payment of $A1.45bn from its federal counterpart under the asset-recycling scheme. Proceeds of the sale of the port’s 50-year lease will be reinvested in road and rail infrastructure, including the Government’s level crossing removal program.

CORPORATES
PORT OF MELBOURNE, LONSDALE CONSORTIUM, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, QIC LIMITED, GLOBAL INFRASTRUCTURE PARTNERS, ONTARIO MUNICIPAL EMPLOYEES RETIREMENT BOARD, VICTORIA. DEPT OF TREASURY AND FINANCE, PORT BOTANY, PORT KEMBLA, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, IFM INVESTORS PTY LTD, GIP AUSTRALIA

TransGrid’s $10.3b sale boosts grid

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Original article by Angela Macdonald-Smith, Anthony Macdonald, Sarah Thompson
The Australian Financial Review – Page: 1 & 8 : 26-Nov-15

Spark Infrastructure and Hastings Funds Management are members of the international consortium that will acquire New South Wales-based TransGrid. Canada’s Caisse de depot et placement du Quebec and two Middle Eastern sovereign wealth funds hold the largest stakes in the winning consortium, which will pay $A10.3bn for the electricity transmission grid. Simon Mawhinney of Allan Gray says the consortium is paying a "full price" for TransGrid, although the sale price has been criticised by unions.

CORPORATES
TRANSGRID, SPARK INFRASTRUCTURE GROUP – ASX SKI, HASTINGS FUNDS MANAGEMENT LIMITED, CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, ALLAN GRAY AUSTRALIA PTY LTD, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEW SOUTH WALES. THE TREASURY, ELECTRICAL TRADES UNION, UNITED SERVICES UNION, PORT OF NEWCASTLE, SYDNEY AIRPORT – ASX SYD, ELECTRANET SA, AUSTRALIANSUPER PTY LTD, QIC LIMITED, IFM INVESTORS PTY LTD, CHINA INVESTMENT CORPORATION, INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, ENDEAVOUR ENERGY LIMITED, AUSGRID PTY LTD, ENERGY SUPPLY ASSOCIATION OF AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

Echo wins bid to build Brisbane casino

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Original article by Mark Ludlow, Perry Williams
The Australian Financial Review – Page: 7 : 21-Jul-15

The Queensland Government has chosen a consortium headed by Echo Entertainment Group to build Brisbane’s second casino. The Destination Brisbane consortium, which also includes Chow Tai Fook and Far East Consortium, competed with Crown Resorts for the right to build the new gaming venue at Queen’s Wharf. It will be located next to Echo’s Treasury Casino. Echo plans to relocate its head office from Sydney to Brisbane.

CORPORATES
ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, DESTINATION BRISBANE PTY LTD, CHOW TAI FOOK ENTERPRISES LIMITED, FAR EAST CONSORTIUM INTERNATIONAL LIMITED, CROWN RESORTS LIMITED – ASX CWN, GREENLAND HOLDING GROUP COMPANY LIMITED, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, QUEENSLAND. DEPT OF STATE DEVELOPMENT, TRADE AND INNOVATION, TREASURY CASINO AND HOTEL, THE STAR, DEUTSCHE BANK AG, CREDIT SUISSE (AUSTRALIA) LIMITED