MERGERS AND ACQUISITIONS – AUSTRALIA

Rio Tinto fights shareholder over NT uranium site

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Original article by Peter Ker
The Australian Financial Review – Page: 21 : 4-Mar-26

Zentree Investments is the second-largest shareholder in Energy Resources of Australia. It contends that Rio Tinto’s takeover offer for ERA of $0.02 per share undervalues the former uranium miner, which ceased production at the Ranger mine in 2021; Zentree estimates that ‘fair value’ would be around $0.3102 per share. Rio Tinto values ERA’s undeveloped Jabiluka uranium deposit at zero because it does not think the traditional owners would allow it be mined; however, Zentree argues that the Mirarr people do not have the right to veto development of Jabiluka, and any future owner of the project would not be bound by ERA’s pledge to not undertake mining without the consent of the Mirrar.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, ZENTREE INVESTMENTS

New BlueScope boss open to company carve-up

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Original article by Simon Evans
The Australian Financial Review – Page: 15 & 18 : 3-Feb-26

BlueScope Steel’s new CEO Tania Archibald announced plans to reduce costs by $150m on her first day in the role. Owen Birrell from RBC Capital Markets estimates thar this represents potential gains of $3 per share. Archibald has also indicated that the listed steelmaker will consider all options for delivering more value to shareholders, which could potentially include demerging its North American business. Archibald has also defended BlueScope’s belated decision to disclose the takeover bid from SGH and Steel Dynamics, stating that the company is "very comfortable" with the position it took. BlueScope has formally rejected the takeover bid.

CORPORATES
BLUESCOPE STEEL LIMITED – ASX BSL, SGH LIMITED – ASX SGH, STEEL DYNAMICS INCORPORATED

Stokes seeks backing for big steel deal

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Original article by Simon Evans, Kanika Sood
The Australian Financial Review – Page: 1 & 16 : 7-Jan-26

Wilson Asset Management portfolio manager John Ayoub has described a consortium’s offer of $30 per share for BlueScope Steel as an "opening gambit". He notes that previous bids for BlueScope have been pitched at around $33 per share. The takeover bid from the Ryan Stokes-led SGH Limited and US-based Steel Dynamics is valued at $13.2bn, but some market watchers believe that they will need to increase this to at least $15bn for the bid to succeed. Keith Chau from MST Marquee says Nippon Steel and POSCO are among the companies that could potentially make rival bids for BlueScope.

CORPORATES
BLUESCOPE STEEL LIMITED – ASX BSL, SGH LIMITED – ASX SGH, STEEL DYNAMICS INCORPORATED, WILSON ASSET MANAGEMENT, MST MARQUEE, NIPPON STEEL AND SUMITOMO METAL CORPORATION, POSCO

Bankers hoping busy year will see M&A cash roll in

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Original article by Joyce Moullakis, Joanne Tran
The Australian Financial Review – Page: 15 : 7-Jan-26

Data from Dealogic shows that $US92.8bn worth of mergers and acquisitions targeting Australian companies were announced during 2025; this eight per cent higher than in 2024, and the highest level of activity since calendar 2021. Australia-based companies in turn pursued $US11.82bn worth of deals offshore. Marissa Freund from Goldman Sachs and Tim Joyce from Macquarie Capital are amongst those who expect M&A activity to remain strong in 2026. Meanwhile, global M&A activity totalled $US5.1trn in 2025, which is 42 per cent higher year-on-year.

CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, GOLDMAN SACHS AUSTRALIA GROUP HOLDINGS PTY LTD, MACQUARIE CAPITAL PTY LTD

No third parties emerge to foil Southern Cross-Seven takeover

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: Online : 5-Nov-25

An independent report from risk advisory firm Kroll has concluded that the proposed merger with Seven West Media is in the best interests of Southern Cross Media Group’s shareholders. Kroll found that it is a good deal for the radio station group’s investors, given that the company will contribute 47.3 per cent of the "relative underlying value" and have a 50.1 per cent stake in the merged entity. Southern Cross chairman Heith Mackay-Cruise has defended the proposed merger, noting that the traditional media landscape is facing a number of challenges. He has also confirmed that Southern Cross has not been approached by any other potential suitors.

CORPORATES
SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, SEVEN WEST MEDIA LIMITED – ASX SWM, KROLL

Media merger to counter big tech

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Original article by James Madden
The Australian – Page: 13 & 19 : 1-Oct-25

The proposed merger between Seven West Media and Southern Cross Media Group is forecast to generate annual pre-tax cost synergies of up to $30m. The merger will combine Seven’s linear TV and digital broadcast platforms with Southern Cross’s radio stations; Seven also owns print and digital newspapers. Seven West’s shareholders are expected to vote on the deal later this year or in early 2026; if approved, Southern Cross will emerge with a 50.1 per cent stake in the combined entity. Seven’s CEO Jeff Howard will take on the role in the merged group, while Seven chairman Kerry Stokes will step down in favour of Southern Cross counterpart Heith Mackay-Cruise. Southern Cross CEO John Kelly has indicated that he has also held merger talks with Nine Entertainment in recent months.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL

Solstice buys high-profile travel magazine

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 18 : 30-Jul-25

Solstice Media has added Australian Traveller magazine to its portfolio of print and online titles. The independent media company will acquire an 80 per cent stake in the publisher of Australian Traveller, and will move to full ownership over the next two years. The deal is part of Solstice Media’s strategy to increase revenue and grow its business. Its other assets include news website The New Daily, which it bought from Industry Super Holdings in late 2024.

CORPORATES
SOLSTICE MEDIA PTY LTD, AUSTRALIAN TRAVELLER MEDIA PTY LTD, THE NEW DAILY, INDUSTRY SUPER HOLDINGS PTY LTD

Domain pursuer CoStar acquires Homes.com.au

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Original article by Zoe Samios
The Australian Financial Review – Page: 17 : 4-Jun-25

Sources have indicated that US-based CoStar has struck a deal to acquire the Homes.com.au domain name for $22.8m. CoStar, which is seeking to buy property listings group Domain Holdings for $3bn, already owns the Homes.com domain in the US and has spent more than $US1bn on a marketing campaign for the brand. Its deal to acquire Homes.com.au could indicate that CoStar will consider rebranding Domain if shareholders approve the deal in August. CoStar’s founder and CEO Andy Florance says that acquiring the Homes.com.au domain will give his company a range of options regarding how it positions itself in the Australian market.

CORPORATES
COSTAR GROUP INCORPORATED, HOMES.COM.AU, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, HOMES.COM

De Grey takeover looms as gold soars

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Original article by Brad Thompson
The Australian – Page: 16 : 15-Apr-25

Northern Star Resources’ shares reached a record high of $21.49 on Monday after a key shareholder of takeover target De Grey Mining backed the deal. Gold Road Resources advised that it will vote in favour of Northern Star’s bid at a meeting of De Grey shareholders on Wednesday; Gold Road has a 17.3 per cent stake in De Grey. Northern Star’s all-scrip bid was worth $5bn when it was launched in late 2024, but a surge in the price of gold and gold stocks has seen the value of the offer rise to $6.1bn. Gold Road Resource recently rejected a takeover approach from South Africa-based Gold Fields, which is its partner in the Gruyere gold mine.

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, DE GREY MINING LIMITED – ASX DEG, GOLD ROAD RESOURCES LIMITED – ASX GOR, GOLD FIELDS LIMITED

Time to buy, says James Hardie

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Original article by Cameron England
The Australian – Page: 15 & 23 : 25-Mar-25

Australian-listed building materials group James Hardie Industries has defended its move to acquire US-based Azec, which makes outdoor living products such as decking and siding. James Hardie CEO Aaron Erter says the two companies’ products are complementary, and the $US8.75bn ($13.93bn) deal is expected to generate annual synergies of around $US350m. Erter has also downplayed concerns about pursuing the deal amid the current political and macroeconomic uncertainty, contending that they will be well-placed to benefit when the market recovers.

CORPORATES
JAMES HARDIE INDUSTRIES PLC – ASX JHX, THE AZEC COMPANY INCORPORATED