MERGERS AND ACQUISITIONS – AUSTRALIA

CrownBet wins race for William Hill

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Original article by Sarah-Jane Tasker
The Australian – Page: 28 : 7-Mar-18

CrownBet will become Australia’s third-largest wagering group after securing a deal to acquire the local arm of UK-based William Hill for $A300m. Rival bidder Sportsbet was trumped after CrownBet’s bid gained the support of its major shareholder, The Stars Group, which bought its controlling stake from Crown Resorts in 2017. William Hill chose to withdraw from the Australian market due to rising losses and a ban on credit betting.

CORPORATES
CROWNBET PTY LTD, WILLIAM HILL AUSTRALIA PTY LTD, WILLIAM HILL PLC, THE STARS GROUP, SPORTSBET AUSTRALIA, CROWN RESORTS LIMITED – ASX CWN, TABCORP HOLDINGS LIMITED – ASX TAH, BETSTARS, POKERSTARS, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NORTHERN TERRITORY. RACING COMMISSION

Foxtel-Fox Sports merger hails new era in content

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Original article by Darren Davidson
The Australian – Page: 21 : 7-Mar-18

Foxtel customers will have access to 201 channels after joint owners News Corp Australia and Telstra finalised a deal to merge the pay-TV company with News Corp’s fully-owned Fox Sports. Telstra will reduce its stake in Foxtel to 35 per cent as a result of the deal. Meanwhile, Foxtel CEO Patrick Delaney has flagged plans to launch a series of genre-based streaming video services, with the aim of targeting consumers who have shunned its traditional broadcast products.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NETFLIX INCORPORATED, 21ST CENTURY FOX INCORPORATED, COMCAST CORPORATION, SKY PLC, WALT DISNEY COMPANY

Employers lash Coalition on union merger

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 7-Mar-18

The merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia is slated to take effect on 27 March, after it was approved by the Fair Work Commission. The Australian Mines & Metals Association has urged the Federal Government to push for the Senate to block the merger prior to this date, although Workplace Relations Minister Craig Laundy argues that the Ensuring Integrity Bill is not retrospective so it would have no impact on the merger. The merged union will boast 144,000 members and $A310m worth of assets.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, TEXTILE, CLOTHING AND FOOTWEAR UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

SEEK buy-out of News Corp from Asia arm makes sense

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Original article by Max Mason
The Australian Financial Review – Page: 15 : 6-Mar-18

Online jobs advertiser SEEK will pay $A157 million to buy News Corp’s 13.75 per cent stake in its Asian business. SEEK CEO Andrew Bassat says News Corp had been a "great partner", and that moving to 100 per cent ownership of SEEK Asia "just made sense". SEEK will use existing debt facilities to fund the transaction, which is due to be completed by 16 March. SEEK had revenue of $A620.3 million for the first half 2017-18, of which its international businesses contributed $A340.1 million.

CORPORATES
SEEK LIMITED – ASX SEK, SEEK ASIA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Private equity upbeat on deals, record capital

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 17 & 20 : 2-Mar-18

Bain & Company has released a report which notes that the global private equity industry had some $US633bn worth of funds to invest at the end of 2017. Meanwhile, private equity experts who attended the annual Asian Venture Capital Journal conference are positive about the outlook for deal-making in Australia during 2018. Data from Dealogic shows that $US1bn ($A1.3bn) worth of deals were made in the first two months of the year.

CORPORATES
BAIN AND COMPANY, PACIFIC EQUITY PARTNERS PTY LTD, KKR AND COMPANY LP, I-MED/MIA NETWORK LIMITED, LIFEHEALTHCARE GROUP LIMITED – ASX LHC, DEALOGIC (AUSTRALIA) PTY LTD, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, BGH CAPITAL PTY LTD

Contempt case threatens super union

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 28-Feb-18

Victorian International Container Terminals’ contempt of court lawsuit against the Maritime Union of Australia could prevent its proposed merger with the Construction, Forestry, Mining & Energy Union. The Fair Work Commission, which is shortly slated to issue a ruling on the merger, has received a submission which argues that contempt charge constitutes criminal proceedings under the Fair Work Act. The Registered Organisations Act in turn states that a union merger cannot by approved if there is outstanding criminal proceedings. The unions contend that the contempt charge is civil rather than criminal.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, VICTORIAN INTERNATIONAL CONTAINER TERMINAL PTY LTD, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED

Contempt case threatens super union

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 28-Feb-18

Victorian International Container Terminals’ contempt of court lawsuit against the Maritime Union of Australia could prevent its proposed merger with the Construction, Forestry, Mining & Energy Union. The Fair Work Commission, which is shortly slated to issue a ruling on the merger, has received a submission which argues that contempt charge constitutes criminal proceedings under the Fair Work Act. The Registered Organisations Act in turn states that a union merger cannot by approved if there is outstanding criminal proceedings. The unions contend that the contempt charge is civil rather than criminal.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, VICTORIAN INTERNATIONAL CONTAINER TERMINAL PTY LTD, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED

David Jones not looking at riding to Myer’s rescue

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Original article by Eli Greenblat
The Australian – Page: 19 : 23-Feb-18

Department store chain Myer canvassed rival David Jones about what would have been a $A3 billion merger in late 2013, but the potential deal never got off the ground. Myer shares fell a record low of less than $A0.50 on 22 February, amid growing fears about its financial health. Ian Moir, the CEO of David Jones’ parent Woolworths Holdings, said he has no interest in making a bid for Myer. David Jones’ operating profit fell by 29.4 per cent in the December half, and Moir said his focus is on improving its performance.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED

There is no plan B to Westfield takeover: Lowy

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 23-Feb-18

European shopping centre group Unibail-Rodamco announced plans to acquire shopping mall owner Westfield Corporation in early December. At the time, Unibail’s scrip-focused deal valued Westfield at $A10.01 per share, but this had fallen to around $A8.82 per share on 22 February. Asked about the future of the deal at the announcement of Westfield’s full-year results, co-CEO Peter Lowy advised that there was "no plan B" in place. Westfield’s 2017 profit of $US1.55 billion is 13.5 per cent higher than previously.

CORPORATES
WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO, MACQUARIE GROUP LIMITED – ASX MQG, JP MORGAN AUSTRALIA LIMITED

Mitsui offer for AWE deemed fair

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 18 : 22-Feb-18

AWE Limited has posted a 2017-18 interim net loss of $A23.8m, although its underlying loss narrowed from $A11.5m previously to just $A5.3m. Meanwhile, an independent expert’s report by Grant Thornton has concluded that the $A602m takeover offer from Japan-based Mitsui is "fair and reasonable". The firm values AWE’s shares at between $A0.78 and $A1.06, compared with Mitsui’s offer of $A0.95 per share. RBC Capital Markets says Mineral Resources and China Energy Reserve & Chemical Group are unlikely to make new offers for AWE.

CORPORATES
AWE LIMITED – ASX AWE, GRANT THORNTON AUSTRALIA, MITSUI AND COMPANY LIMITED, RBC CAPITAL MARKETS, MINERAL RESOURCES LIMITED – ASX MIN, CHINA ENERGY RESERVE AND CHEMICAL GROUP COMPANY LIMITED, LATTICE ENERGY LIMITED, BEACH ENERGY LIMITED – ASX BPT