Tuesday, 23 April 2019 Sydney

Invest In Australia Blog::

  • Goodman Group proposes strategic acquisition of the Moorabbin airport and business park

    Goodman Group is keen on a strategic acquisition of the Moorabbin Airport and Business Park, reported its Chairman Tuesday. In its proposed offer, the firm reported that it plans to close the acquisition with about $201.5 million, to be remitted by Goodman Holdings. As such, the proposed deal is expected to see Goodman acquire the property via the purchase of the holding entities of Moorabbin Airport Corporation Pty Ltd.

    Good Group expects the acquisition of Moorabbin property to enable it manage and take advantage of the array of prospects in the region. According to Goodman Group Chairman, the acquisition will offer the company the chance to put to use its fully integrated business model thus be able to optimise value.

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  • Canadian Firm Agrium now targets AWB, outdoing an earlier offer from Graincorp

    In a bid to undermine an already underway deal between Graincorp and AWB, Canadian firm, Agrium, has launched an offer for AWB pegged at about $1.1 billion. Agrium is a Canadian fertiliser manufacturer and its bid threatens to kill the rival bid offered by GrainCorp, a domestic Australian firm.

    GrainCorp had earlier reiterated that its move was targeted at expanding its business in its Asian retail operations. AWB is Australia’s biggest wheat exporter and its takeover has generated a clash that reflects the most recent consolidation move in Australia’s grain handling industry. Overseas firms are fighting for a bigger chunk of the country’s market, considered the fourth biggest wheat exporter in the world.

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  • US based firm Avnet Inc. on agreement for the acquisition of all outstanding shares of Australian company itX Group Ltd

    American, Phoenix based company, Avnet Inc, Friday announced that it had reached a definitive agreement with Australian firm, itX group Ltd, for the acquisition of itX Group’s all outstanding shares. itX Group Ltd is an Australian value added distributor of software, hardware and services.

    The deal will see the American firm pay A$77.5 million in an all cash agreement and the merger will be undertaken via a scheme of arrangement under Australian law. Even so, the acquisition is still subject to the approval of the Australian firm’s shareholders and other mandatory approvals under Australian investment laws.

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  • AGL and New Zealand firm Meridian Energy to set up $1 billion Renewable energy plant in Victoria

    AGL Energy Thursday said it had reached an agreement with New Zealand firm, Meridian Energy for the construction of a wind farm in Victoria State. The cooperation will see the New Zealand renewable energy firm, Meridian, and AGL set up a wind farm at an estimated $1 billion worth of investment. The wind farm will subsequently become the biggest such renewable energy project of its kind in the south west of Victoria.

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  • Australia’s biggest telecoms operator Telstra agrees on a deal with a consortium of firms for the sale of its Chinese business SouFun

    In a bid to prevent further losses, Australia’s biggest telecoms operator, Telstra, Friday reported that it is mulling a possible sale of its Chinese business unit, SouFun, if its planned initial public offering fails. The Australian telecoms giant recently announced its results, posting slumping profits and record low share price.

    To cushion itself from losses, Telstra said it had agreed with a consortium of companies on a back up deal that will see it sell SouFun for about $190 million profit. SouFun, an online property site, is Telstra’s main business in China. Telstra’s latest move comes amidst slumping share prices, peaking at $2.82 as at Friday, and the lowest of all time. Telstra’s shares have declined by about 13%.

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  • Software provider, TechnologyOne wins Epworth HealthCare contract for enterprise suit installation

    TechnologyOne Thursday said it had successfully won the Epworth bid for the installation of the company’s software solutions enterprise suite. TechnologyOne’s enterprise suite for Epworth comprises financials, supply chain, business intelligence, work and assets, enterprise budgeting and customer relationship management. Epworth HealthCare is Victoria State’s biggest non-profit private hospital group and the deal will see TechnologyOne install the suite across all of the hospital’s operations.

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  • Thailand’s biggest coal mining company Banpu PCL shareholders thumbs up for A$2.17 billion investment into Australian miner Centennial Coal Company

    Banpu PCL, Thailand’s biggest coal mining company, reported Wednesday that its shareholders had approved its offer for Australian miner, Centennial Coal Company. Banpu PCL now has the go ahead to undertake its Australian investment pegged at A$2.17 billion. The Thai company has always reiterated its intention for expansion offshore and the shareholder approval confirms its drive for regional growth.

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  • Australian Competition and Consumer Commission (ACCC) has commenced market consultations over National Australia Bank’s AXA Asia Pacific Holdings bid

    In a move to expedite the conclusion of the National Australia Bank’s offer for Axa Asia Pacific, the Australian Competition and Consumer Commission (ACCC) said it has commenced market consultations regarding the deal. The Australia National Bank had offered $13.3 billion for the acquisition of AXA Asia Pacific Holdings Ltd’s Australian and New Zealand businesses.

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  • US based companies First Reserve and Alpha Natural Resources mull $2.75 billion buyout of Australian mining firm Whitehaven Coal

    Reports emerged Monday that two US based companies are mulling a possible $2.75 billion worth investment in the takeover of the Australian mining firm, Whitehaven Natural Resources. The two firms, First Reserve and Alpha Natural Resources, are said to be currently considering the buyout firm, coming after confirmations from the Australian miner that it had an open data room for prospective suitors for quite some time.

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  • American grain handler firm Gavilon LLC to open new office in Australia

    In a move aimed at bolstering its operations in Australia, American grain handler, Gavilon Group, said Friday that it plans to open a commodities trading office in the country. The new commodities trading office will add to its current Australian operation based in Brisbane. The establishment of the new office operations comes in the wake of the company’s failure over joint venture talks with domestic Australian grain handler, AWB, that instead decided to undertake an A$856 million merger with GrainCorp.  

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