MERGERS AND ACQUISITIONS – AUSTRALIA

Merger resets retail landscape

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Original article by Nick Lenaghan, Su-Lin Tan
The Australian Financial Review – Page: 33 : 28-May-15

The combined Federation Centres and Novion Property Group will be the second-largest retail property trust in Australia, with some $A22bn worth of shopping centres. Novion shareholders voted in favour of the deal on 27 May 2015. The combined group will be headed by Federation CEO Steven Sewell, who is tipped to undertake a strategic review after the merger is finalised. The deal is still subject to court approval.

CORPORATES
FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, SCENTRE GROUP – ASX SCG, CHADSTONE SHOPPING CENTRE, EMPORIUM MELBOURNE, THE GLEN SHOPPING CENTRE, DIRECT FACTORY OUTLETS PTY LTD

Bang & Olufsen Australia sold to luxury watches group

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Original article by Simon Evans
The Australian Financial Review – Page: 21 : 27-May-15

Emerald Group Investments intends to expand the Bang & Olufsen brand after buying the Australia and New Zealand business. Bang & Olufsen currently operates 10 retail outlets in Australasia, and Emerald Group CEO James Kennedy has declined to comment on the sale price. Emerald Group boasts annual revenue of about $A40m, and owns the LK Boutique stores in Sydney and Melbourne, which sell upmarket watches and jewellery.

CORPORATES
EMERALD GROUP INVESTMENTS PTY LTD, BANG AND OLUFSEN (AUSTRALIA) PTY LTD, BANG AND OLUFSEN A/S, LK BOUTIQUE, CROWN MELBOURNE LIMITED, THE STAR, COSTCO WHOLESALE CORPORATION, WAL-MART STORES INCORPORATED

Evolution buys coveted Cowal gold mine

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Original article by Peter Ker
The Australian Financial Review – Page: 20 : 26-May-15

Barrick Gold Corporation will sell its Cowal gold mine in New South Wales to Evolution Mining. The deal will increase Evolution’s annual gold output to more than 800,000 ounces, making it Australia’s second-largest listed gold miner. Jo Battershill of UBS says the Cowal’s mines $US550m ($A704m) sale price is near his estimate of fair value. Evolution will partially finance the deal via a $A248m capital raising.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, BARRICK GOLD CORPORATION, UBS HOLDINGS PTY LTD, NEWCREST MINING LIMITED – ASX NCM, LA MANCHA RESOURCES INCORPORATED, NORTHERN STAR RESOURCES LIMITED – ASX NST

Skilled shares up on merger talks

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Original article by Simon Evans
The Australian Financial Review – Page: 20 : 26-May-15

Shares in labour hire company Skilled Group finished $A0.145 higher at $A1.375 on 25 May 2015. The stock rallied after Skilled advised that it has reopened merger discussions with Programmed Maintenance Service (PMS). Skilled had previously spurned a takeover bid from PMS that was pitched at $A1.38 per share. PMS shares closed four per cent lower at $A2.51.

CORPORATES
SKILLED GROUP LIMITED – ASX SKE, PROGRAMMED MAINTENANCE SERVICES LIMITED – ASX PRG, RECRUIT HOLDINGS COMPANY LIMITED, CHANDLER MACLEOD GROUP LIMITED, FOSTER’S GROUP LIMITED, SABMILLER PLC, ASCIANO LIMITED – ASX AIO

Just Eat paid ‘crazy’ amount for Menulog, say Delivery Hero

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 18 : 25-May-15

Delivery Hero CEO Clive Thorpe believes that about $A400m would have been a more appropriate sale price for Australian online food delivery group Menulog. UK-based Just Eat has agreed to pay $A855m for Menulog, which had 6.3 million orders in the year to March 2015. In contrast, Delivery Hero recently paid $US589m ($A752m) for Turkey-based Yemeksepeti, whose monthly orders exceed three million.

CORPORATES
MENULOG PTY LTD, JUST EAT LIMITED, DELIVERY HERO HOLDING GMBH, YEMEKSEPETI, ORIENTAL TEA HOUSE, DAVID’S, EAT NOW SERVICES PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

‘Leaner’ Woodside targets acquisitions

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 & 18 : 22-May-15

Woodside Petroleum is expected to decide whether to proceed with the Greater Enfield oil project in 2016. The group will commence engineering and design work on the Western Australian project ahead of schedule, in order to secure lower costs for oil rigs. CEO Peter Coleman has also flagged acquisitions, including oil projects and LNG receiving terminals in Asia. Woodside is also seeking to reduce costs and improve productivity.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, APACHE CORPORATION, RBC CAPITAL MARKETS, CHEVRON CORPORATION, WOOD MACKENZIE, MITSUI AND COMPANY LIMITED

ACCC clears Federation-Novion merger

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 22-May-15

The Australian Competition & Consumer Commission has approved a $A12bn merger between Federation Centres and Novion Property Group. However, the merged entity will be required to divest either the Karingal Hub or Bayside shopping centre, which are both located in the Melbourne suburb of Frankston. Novion investors are scheduled to vote on the merger in late May 2015.

CORPORATES
FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, KARINGAL HUB, BAYSIDE SHOPPING CENTRE, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, SHAYHER GROUP, CAPALABA CENTRAL

Toll rolls into Japan Post $6.5b takeover deal

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Original article by Jenny Wiggins, John Stensholt, James Thomson
The Australian Financial Review – Page: 23 & 28 : 14-May-15

Some 95.9 per cent of Toll Holdings shareholders endorsed Japan Post’s takeover bid on 13 May 2015. Former CEO Paul Little believes that Toll will benefit from the $A6.5bn deal. Japan Post has committed to retaining the Toll brand, which was established in 1888, and plans to utilise Toll’s expertise to expand its parcels business globally. Toll shares will cease trading on 14 May.

CORPORATES
TOLL HOLDINGS LIMITED – ASX TOL, JAPAN POST, AUSTRALIA POST, SINGAPORE. MINISTRY OF DEFENCE, TRANSPORT INTELLIGENCE LIMITED, FEDERAL EXPRESS CORPORATION, TNT EXPRESS WORLDWIDE, BONGO INTERNATIONAL

Toll to drop off ASX after Japan Post vote

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 15 : 11-May-15

Toll Holdings shareholders are widely tipped to vote in favour of a $A6.5bn takeover offer from Japan Post on 13 May 2015. The deal, which requires the support of 75 per cent of shareholders, has received regulatory approval in Australia, Japan and New Zealand. Toll will be delisted if shareholders approve the deal.

CORPORATES
TOLL HOLDINGS LIMITED – ASX TOL, JAPAN POST, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW ZEALAND. OVERSEAS INVESTMENT COMMISSION, JAPAN FAIR TRADE COMMISSION, FEDERAL EXPRESS CORPORATION, TNT EXPRESS WORLDWIDE, AUSTRALIA POST, OFFICEWORKS SUPERSTORES PTY LTD, MAILMAN GROUP, GRANT SAMUEL AND ASSOCIATES PTY LTD

‘No way’ to a Glencore-Rio merger: Hockey

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Original article by Amanda Saunders
The Australian Financial Review – Page: 17 & 22 : 9-Apr-15

The prohibition on Glencore executives commenting on a bid for Rio Tinto lapsed on 8 April 2015, six months after Rio rejected a takeover approach. Glencore is tipped to make another bid for Rio, but Australian Treasurer Joe Hockey is believed to have explicitly ruled out Federal Government approval for such a deal. His comments are said to have been made at a private meeting with business leaders and mining industry executives in late March

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, AUSTRALIA. DEPT OF THE TREASURY, MINERALS COUNCIL OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, ARCHER DANIELS MIDLAND COMPANY, GRAINCORP LIMITED – ASX GNC, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ALUMINIUM CORPORATION OF CHINA LIMITED