Original article by Alex Gluyas
The Australian Financial Review – Page: 24 : 29-Jan-26

MST analyst Hasan Tevfik says that several big merger proposals mean that the Australian sharemarket is risk of ‘de-equitising’ in 2026 . This occurs when the value of shares removed from the market via buybacks, takeovers and de-listings exceeds new capital raised by listed companies and via IPOs; this has not happened since 2005, when News Corporation moved its primary listing from the ASX to New York. BlueScope Steel and Qube Holdings are among the companies that are currently the subject of takeover bids, while Tevfik notes that the ASX’s equitisation would take a big hit if Rio Tinto acquires Glencore and opts to scrap its dual listing in Australia.

CORPORATES
MST MARQUEEBLUESCOPE STEEL LIMITED – ASX BSLQUBE HOLDINGS LIMITED – ASX QUBRIO TINTO LIMITED – ASX RIOGLENCORE PLC