MERGERS AND ACQUISITIONS – AUSTRALIA

FIRB blamed as iron ore deal collapses

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Original article by Brad Thompson
The Australian – Page: 18 : 26-Feb-25

Iron ore hopeful CZR Resources’ directors have endorsed a takeover offer from Fenix Resources which is priced at $0.85 per share. This will increase to $0.98 if Fenix gains acceptances for 75 per cent of CZR’s shares before 21 March. CZR announced the bid from Fenix after abandoning a deal to sell its 85 per cent stake in the Robe Mesa deposit in the Pilbara to Miracle Iron Resources, which is owned by a Chinese company. CZR cited delays in gaining Foreign Investment Review Board approval for the decision to walk away from the Miracle Iron deal. Veteran prospector Mark Creasy is the major shareholder in CZR; he also owns a 15 per cent stake in the Robe Mesa project.

CORPORATES
CZR RESOURCES LIMITED – ASX CZR, FENIX RESOURCES LIMITED – ASX FEX, MIRACLE IRON RESOURCES, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Nine CEO met CoStar boss weeks before Domain bid

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 14 : 25-Feb-25

Nine Entertainment will release its half-yearly results today, with investors and analysts certain to question acting CEO Matt Stanton about CoStar’s bid for Domain. The US real estate firm has made a $2.40 per share for Domain, the online property classifieds platform that is 60 per cent owned by Nine and which is considered by many to be its most valuable asset. It can be revealed that CoStar founder Andy Florance met with Stanton when Florance was staying with former federal treasurer Joe Hockey in Sydney over the Christmas break, and that the two discussed possible opportunities involving CoStar and Domain.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, COSTAR GROUP INCORPORATED, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA

Sigma shareholders tick $34bn chemist deal

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Original article by Cameron England
The Australian – Page: 16 : 30-Jan-25

More than 97 per cent of votes cast at a meeting of Sigma Healthcare shareholders on Wednesday were in favour of the proposed $34bn merger with Chemist Warehouse. Shareholders of the privately-owned Chemist Warehouse subsequently backed the deal later in the day at a pub in Melbourne’s north. Sigma’s chairman Michael Sammells says the merger is expected to generate about $60m worth of synergies, but he notes that there will be a lot of integration work given that the two companies are very different organisations. The merged group is slated to list on the sharemarket in mid-February.

CORPORATES
SIGMA HEALTHCARE LIMITED – ASX SIG, CHEMIST WAREHOUSE

Red Hawk backs $254m Fortescue takeover bid

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Original article by Giuseppe Tauriello
The Australian – Page: 16 : 29-Jan-25

Red Hawk Mining’ board has unanimously endorsed a $254m takeover offer from pure-play iron ore miner Fortescue. The off-market cash bid values Red Hawk at $1.05 per share, although this will rise to $1.20 if Fortescue secures at least 75 per cent of the target’s shares by 4 February. Fortescue says its offer represents a ‘significant and attractive premium’ for Red Hawk shareholders, while Red Hawk’s ND Steven Michael describes the offer as an ‘attractive outcome’ for the company’s shareholder. Red Hawk’s Blacksmith iron ore project is located near Fortescue’s Solomon hub.

CORPORATES
FORTESCUE LIMITED – ASX FMG, RED HAWK MINING LIMITED – ASX RHK

Myer to relaunch loyalty scheme after merger

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Original article by Carrie LaFrenz
The Australian Financial Review – Page: 11 : 24-Jan-25

More than 96 per cent of Myer shareholders have voted in favour of a deal to acquire Premier Investments’ clothing brands. The deal was also backed by more than 99 per cent of Premier’s shareholders. Myer’s executive chair Olivia Wirth says the department store group will relaunch its Myer One customer loyalty program later in 2025 and expand it to include the network of stores in Premier’s Apparel Brands portfolio; they include Just Jeans, Portmans and Jacqui E. Premier’s chairman Solomon Lew will have a stake of about 27 per cent in the enlarged Myer and gain a seat on its board, while Premier will now focus on its Smiggle and Peter Alexander brands.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, JUST JEANS PTY LTD, PORTMANS PTY LTD, JACQUI E PTY LTD

Rio counts cost as Pilbara iron ore operations are flooded

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Original article by Brad Thompson
The Australian – Page: 15 : 21-Jan-25

Rio Tinto states it is still assessing the impact of Cyclone Sean on its iron ore operations in the Pilbara, with a spokesman noting that its port and rail infrastructure had been hit by flooding. Observing that Rio’s first priority is the safety of its workers, the spokesman noted that the town of Karratha had experienced 274mm of rain in a 24-hour period. The flooding comes less than a week after Rio disclosed that heavy rain had impacted its iron ore operations in the December quarter and forced it to make use of stockpiles, while it has remained silent about any discussions it may have held with Glencore about a merger between the two big mining companies

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC

SPC bets on a fruitful ASX future

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Original article by Simon Evans
The Australian Financial Review – Page: 15 : 18-Dec-24

Shares in SPC Global closed at $1.31 on Tuesday, the stock’s first day of trading on the Australian stock exchange after raising $2.4m. The iconic fruit processing company issued new shares at $1.50 apiece following a reverse takeover of The Original Juice Company. That deal expanded the group’s product range and brands, which include SPC, Ardmona and Goulburn Valley; SPC also struck a deal to acquire the Nature One Dairy infant formula and powdered milk business. SPC’s MD Robert Iervasi says the enlarged group will have more bargaining power when negotiating supply deals with Coles and Woolworths.

CORPORATES
SPC GLOBAL HOLDINGS LIMITED – ASX SPC, THE ORIGINAL JUICE COMPANY LIMITED – ASX OJC, NATURE ONE DAIRY

Action-packed year tipped for lithium deals

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Original article by Alex Gluyas
The Australian Financial Review – Page: 23 : 17-Dec-24

Mergers and acquisitions activity in Australia’s critical minerals sector has been subdued in 2024; there have been just 25 such deals, compared with 49 in the previous calendar year. However, the total value of deals in the sector has risen from $5.3bn in 2023 to $14.8bn in the year to date. Law firm Allens is upbeat about the outlook for the critical minerals sector in 2025, forecasting an upturn in M&A activity that will flow through to other resources commodities.

CORPORATES
ALLENS

Arcadium investors sue over Rio takeover

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Original article by Elouise Fowler
The Australian Financial Review – Page: 15 : 17-Dec-24

Arcadium Lithium and its board of directors are facing legal action from three shareholders over the company’s acquisition by Rio Tinto. The investors contend that Arcadium’s directors had misled shareholders and failed in their fiduciary duty to maximise value in the $US6.7 billion ($9.9 billion) deal. Rio Tinto has not been named as a defendant in the lawsuits. The proposed merger will require the support of at least 75 per cent of Arcadium’s shareholders when they vote on the deal next week.

CORPORATES
ARCADIUM LITHIUM PLC – ASX LTM, RIO TINTO LIMITED – ASX RIO

Action-packed year tipped for lithium deals

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Original article by Alex Gluyas
The Australian Financial Review – Page: 23 : 17-Dec-24

Mergers and acquisitions activity in Australia’s critical minerals sector has been subdued in 2024; there have been just 25 such deals, compared with 49 in the previous calendar year. However, the total value of deals in the sector has risen from $5.3bn in 2023 to $14.8bn in the year to date. Law firm Allens is upbeat about the outlook for the critical minerals sector in 2025, forecasting an upturn in M&A activity that will flow through to other resources commodities.

CORPORATES
ALLENS