MERGERS AND ACQUISITIONS – AUSTRALIA

Iron ore glut spurs ‘race to bottom’

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Original article by Jemima Whyte, Matthew Stevens
The Australian Financial Review – Page: 15 & 21 : 13-Oct-14

Australian producers BHP Billiton and Rio Tinto are responding to the recent dramatic decline of the iron ore price with a boost in output. The strategy is being criticised by Nev Power, CEO of third-ranked competitor Fortescue Metals Group, as well as by Alberto Calderon. The latter had spearheaded the ultimately abandoned plan to merge BHP and Rio, and also argues that a currently rumoured takeover bid for Rio by Swiss resources house Glencore would not reverse the price trend for iron ore

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, GLENCORE PLC, PLATINUM ASSET MANAGEMENT LIMITED – ASX PTM, PERPETUAL LIMITED – ASX PPT, PERPETUAL INVESTMENTS

Wotif shareholders approve $703m Expedia takeover deal

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Original article by Jamie Freed
The Australian Financial Review – Page: 16 : 10-Oct-14

Healthscope is set to replace Wotif.com in the S&P/ASX 200 Index after the latter’s acquisition by US-based Expedia was approved by more than 99 per cent of shareholders. Expedia is likely to have a 45 per cent share of Australia’s online hotel booking market following the acquisition, which is still subject to approval by the Foreign Investment Review Board and the New Zealand Commerce Commission

CORPORATES
WOTIF.COM HOLDINGS LIMITED – ASX WTF, EXPEDIA INCORPORATED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW ZEALAND. COMMERCE COMMISSION, WEBJET LIMITED – ASX WEB, PRICELINE.COM, BOOKING.COM BV, AGODA COMPANY PTE LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN HOTELS ASSOCIATION, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, HEALTHSCOPE LIMITED – ASX HSO, STANDARD AND POOR’S ASX 200 INDEX, DOW JONES INDUSTRIAL INDICES

Glencore tilts at Rio expansion

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Original article by Amanda Saunders
The Australian Financial Review – Page: 1 & 11 : 8-Oct-14

Takeover speculation prompted a rally in the Australian-listed shares of Rio Tinto on 7 October 2014, with the stock rising 4.3 per cent to $A60.07. The resources group rebuffed a takeover approach from Glencore in August, and has indicated that it is not holding any merger talks with the commodities trader and miner. However, Glencore CEO Ivan Glasenberg is believed to be keen to pursue a merger with Rio Tinto

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, XSTRATA AG, BHP BILLITON LIMITED – ASX BHP, LONDON STOCK EXCHANGE, UBS HOLDINGS PTY LTD, ALUMINIUM CORPORATION OF CHINA LIMITED

Deals get harder for PE raiders

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Original article by Bridget Carter
The Australian – Page: 18 : 30-Sep-14

Australian Private Equity & Venture Capital Association CEO Yasser El-Ansary says access to funding for major acquisition deals has become more difficult to arrange in the private equity sector. He believes that instead of large-scale takeovers, the new trend will be purchases of non-core operations being divested by listed groups. The comments come as Treasury Wine Estates has rebuffed competing offers by Kohlberg Kravis Roberts and Rhone Capital and by TPG Capital

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, KOHLBERG KRAVIS ROBERTS AND COMPANY, RHONE CAPITAL LLC, TPG CAPITAL LP, KKR AND COMPANY LP, AUSTRALIAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION LIMITED, SAI GLOBAL LIMITED – ASX SAI, WOOLWORTHS LIMITED – ASX WOW, DICK SMITH HOLDINGS LIMITED – ASX DSH, ASX LIMITED – ASX ASX, ANCHORAGE CAPITAL PARTNERS PTY LTD, UGL LIMITED – ASX UGL, DTZ AUSTRALIA PTY LTD, BAIN CAPITAL LLC, THE BLACKSTONE GROUP LP, PACIFIC EQUITY PARTNERS PTY LTD, ORICA LIMITED – ASX ORI, ARMYTAGE PRIVATE LIMITED

KKR tipped to win Treasury Wine

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Original article by Simon Evans, Sarah Thompson
The Australian Financial Review – Page: 1 & 11 : 29-Sep-14

Competing, revised takeover offers were lodged on 26 September 2014 for Australian-listed Treasury Wine Estates (TWE). It is believed that the directors will now recommend acceptance of the offer received from the consortium of Kohlberg Kravis Roberts (KKR) and Rhone Capital, rather than that of rival US-based private equity firm TPG Capital. The KKR bid is worth around $A5.20 a share. TWE’s earnings are being boosted by the recent decline in the Australian dollar

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, RHONE CAPITAL LLC, TPG CAPITAL LP, PENFOLDS WINES PTY LTD, WOLF BLASS WINES PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, CITIGROUP PTY LTD, GOLDMAN SACHS AUSTRALIA PTY LTD

ASX buys stake in e-trading provider

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Original article by Mitchell Bingemann
The Australian – Page: 23 : 19-Sep-14

The Australian Securities Exchange has paid $A65 million for a 49 per cent in Yieldbroker, a specialist electronic markets company. The acquisition will strengthen the ASX’s derivatives trading business. Twelve banks have invested in Yieldbroker, which was founded in 1999. It operates electronic markets for trading more than 800 Australian and New Zealand debt securities and interest rate derivatives

CORPORATES
ASX LIMITED – ASX ASX, YIELDBROKER PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CITI AUSTRALIA PTY LTD, DEUTSCHE BANK AG, JP MORGAN AUSTRALIA LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ROYAL BANK OF CANADA, ROYAL BANK OF SCOTLAND GROUP PLC, TORONTO DOMINION AUSTRALIA LIMITED, UBS HOLDINGS PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC

Rush for exits belies optimism

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Original article by Vesna Poljak, Max Mason
The Australian Financial Review – Page: 17 & 24 : 17-Sep-14

Fund managers are cautious about the strong activity in the Australian sharemarket. In the third quarter of 2014, IPOs have reached a record $US2.4 billion. Private equity firms are also exiting as escrow periods expire. Debt capital market activity reached $US99 billion between 1 January and 15 September, while merger and acquisition deals are worth $US8.5 billion. Fund managers said that private equity firms are taking the opportunity to exit in a strong market, but investors may be becoming complacent

CORPORATES
UNITED STATES. FEDERAL RESERVE BOARD, HEALTHSCOPE LIMITED – ASX HSO, VEDA GROUP LIMITED – ASX VED, DICK SMITH HOLDINGS LIMITED – ASX DSH, ANCHORAGE CAPITAL PARTNERS PTY LTD, DEALOGIC (AUSTRALIA) PTY LTD, INVESTORS MUTUAL LIMITED, AUSBIL DEXIA LIMITED, WAVESTONE CAPITAL PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, GOLDMAN SACHS AUSTRALIA PTY LTD

Carsales.com looks at iCar Asia takeover

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Original article by Gretchen Friemann
The Australian Financial Review – Page: 26 : 11-Sep-14

Australian-listed Carsales.com currently holds a 22.9 per cent stake in iCar Asia. Rev Asia Berhad’s decision to offload its 27.2 per cent holding in iCar has prompted speculation that Carsales.com could launch a bid for control of the business. Carsales.com is keen to expand its international presence due to its limited growth opportunities in Australia, where it is the leading player in the automotive classified advertising sector

CORPORATES
CARSALES.COM LIMITED – ASX CRZ, ICAR ASIA LIMITED – ASX ICQ, REV ASIA BERHAD, CATCHA MEDIA BERHAD, CATCHA GROUP, IPROPERTY GROUP LIMITED – ASX IPP, REA GROUP LIMITED – ASX REA, SEEK LIMITED – ASX SEK, JOBSTREET CORPORATION BERHAD, ZHAOPIN LIMITED

Carsales.com looks at iCar Asia takeover

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Original article by Gretchen Friemann
The Australian Financial Review – Page: 26 : 11-Sep-14

Australian-listed Carsales.com currently holds a 22.9 per cent stake in iCar Asia. Rev Asia Berhad’s decision to offload its 27.2 per cent holding in iCar has prompted speculation that Carsales.com could launch a bid for control of the business. Carsales.com is keen to expand its international presence due to its limited growth opportunities in Australia, where it is the leading player in the automotive classified advertising sector

CORPORATES
CARSALES.COM LIMITED – ASX CRZ, ICAR ASIA LIMITED – ASX ICQ, REV ASIA BERHAD, CATCHA MEDIA BERHAD, CATCHA GROUP, IPROPERTY GROUP LIMITED – ASX IPP, REA GROUP LIMITED – ASX REA, SEEK LIMITED – ASX SEK, JOBSTREET CORPORATION BERHAD, ZHAOPIN LIMITED

Carsales.com looks at iCar Asia takeover

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Original article by Gretchen Friemann
The Australian Financial Review – Page: 26 : 11-Sep-14

Australian-listed Carsales.com currently holds a 22.9 per cent stake in iCar Asia. Rev Asia Berhad’s decision to offload its 27.2 per cent holding in iCar has prompted speculation that Carsales.com could launch a bid for control of the business. Carsales.com is keen to expand its international presence due to its limited growth opportunities in Australia, where it is the leading player in the automotive classified advertising sector

CORPORATES
CARSALES.COM LIMITED – ASX CRZ, ICAR ASIA LIMITED – ASX ICQ, REV ASIA BERHAD, CATCHA MEDIA BERHAD, CATCHA GROUP, IPROPERTY GROUP LIMITED – ASX IPP, REA GROUP LIMITED – ASX REA, SEEK LIMITED – ASX SEK, JOBSTREET CORPORATION BERHAD, ZHAOPIN LIMITED