INVESTMENTS

Lynas fair go plea as tax review looms

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 16 : 3-Oct-18

Australian-listed rare earths producer Lynas Corporation still does not know if the new Malaysian Government will undertake a review of its refinery. There has been speculation that any such review could include the tax break that Lynas received from the previous government. Lynas CEO Amanda Lacaze says a review of the tax break – which will shortly need to be renewed – is highly possible, and she has urged the government led by Mahathir Mohamad to be "fair and just" if it does undertake a review.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC

Lynas dives on hostile review fears

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 28 : 25-Sep-18

Media reports in Malaysia have suggested that a mooted government review of Lynas Corporation’s rare earths processing plant in the province of Kuantan may be headed by a politician who has been a critic of the miner in the past. Lynas has advised that the Malaysian Government has yet to confirm that it will undertake a review of the refinery, but this has been widely anticipated since the election of the nation’s new coalition government. Shares in Lynas closed 18 per cent lower on 24 September.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC

Comcast outbids Fox and Walt Disney Co. with $40-billion offer for Europe’s Sky TV

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Original article by Meg James
Los Angeles Times – Page: Online : 22-Sep-18

The independent directors of pan-European satellite broadcaster Sky plc have endorsed Comcast’s successful bid in a corporate auction that was organised by the UK’s Takeovers Panel. Comcast offered $US22.75 per share for Sky, valuing its bid at nearly $US40bn. The rival bid from Rupert Murdoch’s 21st Century Fox – which has a 39 per cent stake in Sky – was $US20.63 per share, which equates to about $US35bn. The auction followed a protracted bidding war for Sky, and Fox’s deal to sell the bulk of its entertainment assets to Walt Disney Company.

CORPORATES
SKY PLC, COMCAST CORPORATION, 21ST CENTURY FOX INCORPORATED, GREAT BRITAIN. THE TAKEOVER PANEL, WALT DISNEY COMPANY, NEWS CORPORATION – ASX NWS, FOX NEWS CHANNEL, HULU LLC

Hanson warns against bid for gas pipelines

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 19-Sep-18

Cheung Kong Infrastructure’s $13 billion takeover of pipeline operator APA Group remains subject to approval by the Foreign Investment Review Board. However, One Nation leader Pauline Hanson opposes the deal, arguing that key infrastructure should remain locally-owned, whether by governments or the private sector. Hanson has vowed to campaign against the deal if it receives government approval, while Liberal senator Jim Molan has also called for the deal to be blocked.

CORPORATES
APA GROUP – ASX APA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ONE NATION PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, IFM INVESTORS PTY LTD, HUAWEI TECHNOLOGIES COMPANY LIMITED, CENTRE ALLIANCE

Comcast sees Fox and raises in fight for Sky

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Original article by Keach Hagey, Chip Cummins, Ben Dummett
The Australian – Page: 21 : 13-Jul-18

US media group Comcast has trumped 21st Century Fox’s revised takeover offer for pay-TV company Sky. Comcast raised its offer for Sky from Stg12.50 to Stg14.75 per share in response to Fox’s recent move to increase its own offer to Stg14.00 per share. Sources have indicated that Comcast could potentially opt to focus on its bid for Sky rather than press ahead with its $US65bn cash bid for Fox’s entertainment assets.

CORPORATES
COMCAST CORPORATION, SKY PLC, 21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY, GREAT BRITAIN. THE TAKEOVER PANEL, NBC UNIVERSAL INCORPORATED, NETFLIX INCORPORATED, ELLIOTT MANAGEMENT CORPORATION, NEWS CORPORATION – ASX NWS

Fox dangles $44bn carrot for Sky buyout

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Original article by Darren Davidson
The Australian – Page: 20 : 12-Jul-18

US media giant 21st Century Fox has increased its cash offer for UK-based pay-TV group Sky to Stg14 per share, trumping the rival cash bid of Stg12.50 per share from Comcast. Fox had initially offered Stg10.75 per share in late 2016, and the revised offer values Sky at Stg24.5bn ($43.8bn). Fox already has a 39 per cent stake in Sky, and it says the target’s independent directors have recommended that shareholders accept the revised offer.

CORPORATES
21ST CENTURY FOX INCORPORATED, SKY PLC, COMCAST CORPORATION, WALT DISNEY COMPANY, NETFLIX INCORPORATED, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

ANZ bracing for fallout over AmBank stake as $4.5bn 1MDB scandal erupts

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Original article by Ben Butler
The Australian – Page: 17 & 21 : 5-Jul-18

The ANZ Bank has a 24 per cent stake in Malaysia’s AmBank, which has become embroiled in the scandal over the siphoning of funds from the nation’s 1MDB sovereign wealth fund. Malaysia’s former prime minister Najib Razak is alleged to have channelled 1MDB’s funds into his AmBank account. Brian Johnson of CLSA says ANZ or its executives could potentially be drawn into the corruption scandal. CEO Shayne Elliott is among the ANZ executives who have previously served on AmBank’s board.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMBANK BERHAD, 1MDB, CLSA AUSTRALIA PTY LTD, BERNAMA, SARAWAK REPORT, SRC INTERNATIONAL, KUMPULAN WANG PERSARAAN (DIPERBADANKAN), UNITED STATES. DEPT OF JUSTICE, THE GOLDMAN SACHS GROUP INCORPORATED

JCDecaux’s APN buy shrinks market

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Original article by Bridget Carter
The Australian – Page: 19 : 27-Jun-18

APN Outdoor Group’s board has recommended that shareholders accept JCDecaux’s revised offer of $A6.70 per share, which values the bid at $A1.217bn. France-based JCDecaux had initially offered $A6.52 per share. APN Outdoor MD James Warburton says digital disruption is unlikely to have much impact on the outdoor advertising sector. APN Outdoors’ shares closed three per cent higher at $A6.42 on 26 June.

CORPORATES
APN OUTDOOR GROUP LIMITED – ASX APO, JC DECAUX SA, OOH!MEDIA LIMITED – ASX OML, ADSHEL PTY LTD, HT&E LIMITED – ASX HT1, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, MORNINGSTAR PTY LTD, YARRA TRAMS, NEW SOUTH WALES. ROADS AND MARITIME SERVICES

APN hopes for more from JCDecaux

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Original article by Bridget Carter
The Australian – Page: 29 : 22-Jun-18

APN Outdoor Group has advised shareholders to take no action at present regarding JCDecaux’s $A1.1bn takeover bid. Dion Hershan of Yarra Capital has described the cash offer of $A6.52 per share as "opportunistic". Shares in the out-of-home advertising group closed 12.14 per cent higher at $A6.56 on 21 June. Based on APN’s current valuation, the offer represents an 11.5 per cent premium to its closing share price on 20 June, and it is believed that a premium of 30 per cent will be required for APN directors to endorse the bid.

CORPORATES
APN OUTDOOR GROUP LIMITED – ASX APO, JC DECAUX SA, YARRA CAPITAL PARTNERS PTY LTD, APN OUTDOOR GROUP LIMITED – ASX APO, CADENCE ADVISORY, ADSHEL PTY LTD, HT&E LIMITED – ASX HT1

French in $1.1bn APN Outdoor bid

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Original article by Bridget Carter, Scott Murdoch
The Australian – Page: 17 & 19 : 21-Jun-18

JCDecaux has made a cash offer of $A6.52 per share for Australian-listed APN Outdoor Group. France-based JCDecaux is a major player in Australia’s street furniture advertising market, and it says APN’s outdoor advertising businesses would complement its local operations. The $A1.1bn takeover bid is likely to affect APN’s own proposal to acquire the Adshel business from rival HT&E. APN was seen as the leading contender to acquire Adshel, although oOh!media is also believed to be in contention.

CORPORATES
APN OUTDOOR GROUP LIMITED – ASX APO, JC DECAUX SA, ADSHEL PTY LTD, HT&E LIMITED – ASX HT1, OOH!MEDIA LIMITED – ASX OML, YARRA TRAIL PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, GOLDMAN SACHS AUSTRALIA PTY LTD, UBS HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, CREDIT SUISSE (AUSTRALIA) LIMITED, CLSA AUSTRALIA PTY LTD