INVESTMENTS

Canadians pay up big for Asciano

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 1&8 : 19-Aug-15

The board of Asciano has issued a recommendation to investors to accept a takeover offer from Brookfield Infrastructure. Investors will receive $A9.15 a share if the $A8.9 billion bid for the Australian-listed port and rail group is successful. Some fund managers doubt whether losing another Australian company to foreign buyers is in Australia’s interest.

CORPORATES
BROOKFIELD INFRASTRUCTURE PARTNERS LP, ASCIANO LIMITED – ASX AIO, PATRICK CORPORATION LIMITED, RIO TINTO LIMITED – ASX RIO, MACQUARIE GROUP LIMITED – ASX MQG, BHP BILLITON LIMITED – ASX BHP, TOLL HOLDINGS LIMITED, SABMILLER PLC, JAPAN POST COMPANY LIMITED, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, ARGO INVESTMENTS LIMITED – ASX ARG, ASX LIMITED – ASX ASX, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Fortescue price hopes still too high for Chinese suitors

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Original article by Amanda Saunders
The Australian Financial Review – Page: 20 : 18-Aug-15

Chinese companies Hebei Iron & Steel and the Tewoo Group are believed to be interested in acquiring stakes in Fortescue Metals Group. Fortescue is under pressure to sell some assets to improve its balance sheet although there is no immediate need to do so. The company is expected to announce $US390 million ($A527 million) in profit for 2014-15, compared with profit of $US2.65 billion in 2013-14.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, HEBEI JINXI IRON AND STEEL COMPANY LIMITED, TEWOO GROUP, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, UBS HOLDINGS PTY LTD

Gold producers say growth on the agenda

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Original article by Tess Ingram
The Australian Financial Review – Page: 27 : 6-Aug-15

OceanaGold Corporation and Metals X have announced new acquisitions. OceanaGold is buying Canadian-listed Romarco Metals through a $C856 million ($A884.86 million) takeover offer. Metals X is acquiring RNI’s Grosvenor gold project and Panoramic Resources’ Mount Henry project. Metals X is also trying to buy Tanami Gold’s Central Tanami project, even though Tanami Gold has signed an agreement to sell the asset to Northern Star Resources.

CORPORATES
OCEANAGOLD CORPORATION – ASX OGC, METALS X LIMITED – ASX MLX, RNI NL – ASX RNI, EVOLUTION MINING LIMITED – ASX EVN, ROMARCO MINERALS INCORPORATED, PANORAMIC RESOURCES LIMITED – ASX PAN, BHP BILLITON LIMITED – ASX BHP, NORTHERN STAR RESOURCES LIMITED – ASX NST, TANAMI GOLD NL – ASX TAM, GOLD FIELDS LIMITED, DIGGERS AND DEALERS FORUM

Chinese top investors in commercial sites

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Original article by Mercedes Ruehl, Robert Harley
The Australian Financial Review – Page: 36 : 29-Jul-15

Colliers International estimates that Chinese investors have accounted for more than $A4bn worth of commercial property deals in Australia so far in 2015. Colliers’ Nerida Conisbee expects Chinese activity in the local market to keep increasing. Mark Wizel of CBRE also notes growing interest among Chinese investors, particularly office buildings priced below $A50m and hotels.

CORPORATES
COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED, CBRE PTY LTD, CHINA INVESTMENT CORPORATION, PROPERTYLINK PTY LTD, PROPERTY COUNCIL OF AUSTRALIA LIMITED, JLL HOTELS

Chinese investment in property tipped to surge

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Original article by Sally Rose
The Australian Financial Review – Page: 22 : 22-Jul-15

The Chinese Government’s decision to make the nation’s sharemarket more accessible to international investors has prompted a rally in Shanghai Composite Index over the last year. However, some economists expect the relaxation of rules governing capital outflows from China to have a bigger impact in the long-term. Stephen Halmarick of Colonial First State Global Asset Management expects this to include a big rise in Chinese investment in Australia’s property market.

CORPORATES
COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, ABERDEEN ASSET MANAGEMENT LIMITED, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, SHANGHAI COMPOSITE INDEX, CHINA. NATIONAL BUREAU OF STATISTICS, MACQUARIE ASSET MANAGEMENT

Dairy chief keen to pursue more deals in Australia, NZ

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Original article by Jared Lynch
The Australian Financial Review – Page: 13 : 14-Jul-15

Canada-based Saputo has made around $C5bn ($A5.29bn) worth of acquisitions since its IPO in 1997, according to CEO Lino Saputo jr. He remains upbeat about the long-term outlook for the global dairy products industry, despite a sharp fall in milk prices in the last 18 months. Saputo is keen for more acquisitions in Australia and New Zealand, after entering the local market via its $A450m deal to acquire Warrnambool Cheese & Butter.

CORPORATES
SAPUTO INCORPORATED, WARRNAMBOOL CHEESE AND BUTTER FACTORY COMPANY HOLDINGS LIMITED – ASX WCB, MURRAY GOULBURN CO-OPERATIVE COMPANY LIMITED, BEGA CHEESE LIMITED – ASX BGA, LION-DAIRY AND DRINKS PTY LTD, FONTERRA CO-OPERATIVE GROUP LIMITED, TORONTO STOCK EXCHANGE, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

ANZ tipped to exit Asia banks

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Original article by James Eyers
The Australian Financial Review – Page: 21 : 3-Jul-15

The ANZ Bank currently has a lower common equity tier 1 capital ratio than its peers, although at 8.7 per cent it is comfortably above the minimum requirement. However, Andrew Triggs of Deutsche Bank expects ANZ to offload some of its stakes in Asian banks in order to lift its capital ratio. He estimates that selling stakes in three of these banks – as well as the Esanda business – could boost ANZ’s capital ratio to more than 10 per cent.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, DEUTSCHE BANK AG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ESANDA FINANCE CORPORATION LIMITED, PT PANIN BANK, AMBANK BERHAD, BANK OF TIANJIN COMPANY LIMITED, SHANGHAI RURAL COMMERCIAL BANK, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CLYDESDALE BANK PLC, GREAT WESTERN BANK, UBS HOLDINGS PTY LTD, BLOOMBERG LP

Duke to cut stake in company under Kathmandu offer

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 21 & 26 : 2-Jul-15

Shares in adventurewear retailer Kathmandu Holdings closed $A0.04 lower on 1 July 2015, at $A1.53. Briscoe Group MD Rod Duke says his company’s cash and scrip takeover bid is "very fair", and adds that the two businesses are "very complementary". Duke has also indicated that New Zealand-based Briscoe will seek to list on the Australian sharemarket if its $A324m bid succeeds. He will also reduce his stake in Briscoe from 78 per cent to 55.1 per cent.

CORPORATES
KATHMANDU HOLDINGS LIMITED – ASX KMD, BRISCOE GROUP LIMITED, REBEL SPORT LIMITED, QUADRANT PRIVATE EQUITY PTY LTD

Brookfield pressed on Asciano bid

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Original article by Perry Williams, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 1 & 10 : 2-Jul-15

Australian-listed transport infrastructure group Asciano has advised that Canada’s Brookfield Asset Management made an indicative takeover offer on 26 June 2015. The $A9bn non-binding bid values the target at $A9.05 per share, but Jakov Males of UBS Global Asset Management believes that an offer of around $A10 per share would be more appropriate. The proposed takeover bid comprises a cash component and shares in Brookfield Infrastructure Partners.

CORPORATES
ASCIANO LIMITED – ASX AIO, BROOKFIELD ASSET MANAGEMENT INCORPORATED, BROOKFIELD INFRASTRUCTURE PARTNERS LP, UBS GLOBAL ASSET MANAGEMENT (AUSTRALIA) LIMITED, DEUTSCHE BANK AG, FIDELITY INVESTMENTS AUSTRALIA LIMITED, SABMILLER PLC, FOSTER’S GROUP LIMITED, TOLL HOLDINGS LIMITED, JAPAN POST COMPANY LIMITED, MULTIPLEX LIMITED, PACIFIC NATIONAL PTY LTD, PATRICK CORPORATION LIMITED, COLONIAL FIRST STATE GROUP LIMITED, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, GRESHAM PARTNERS LIMITED, CITIGROUP INCORPORATED

Kathmandu shareholders wary

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 : 1-Jul-15

Shares in adventurewear retailer Kathmandu Holdings closed $A0.32 higher at $A1.57 on 30 June 2015, in response to a takeover bid from New Zealand-listed Briscoe Group. Briscoe, which is headed by Rod Duke, increased its stake in Kathmandu to 19.9 per cent on 29 June, and its bid values the target at about $A324m. Some Kathmandu shareholders have described the bid as "opportunistic". Briscoe’s retail business comprises homewares, sporting goods and gift stores.

CORPORATES
KATHMANDU HOLDINGS LIMITED – ASX KMD, BRISCOE GROUP LIMITED, BRISCOES, REBEL SPORT LIMITED, LIVING AND GIVING LIMITED, MILFORD ASSET MANAGEMENT LIMITED, CYAN INVESTMENT MANAGEMENT PTY LTD, PUMPKIN PATCH LIMITED, MACPAC WILDERNESS EQUIPMENT, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, QUADRANT PRIVATE EQUITY PTY LTD, GOLDMAN SACHS ASSET MANAGEMENT