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Invest In Australia News::

  • Australian Competition and Consumer Commission rejects Asahi Breweries’ offer for Australia’s P&N Beverages

    Australia’s competition watchdog the Australian Competition and Consumer Commission (ACCC) announced it will oppose the proposed acquisition of P&N Beverages Australia Pty Ltd by Asahi Holdings (Australia) Pty Ltd. ACCC chairman Graeme Samuel said the watchdog was concerned that the proposed acquisition will remove a vigorous and effective competitor in the markets for the supply of carbonated soft drinks (CSDs) and cordial.  

    Asahi owns Schweppes Australia Pty Ltd, the second largest manufacturer of CSDs in Australia and the largest manufacturer of cordial. Its products include the Schweppes and Pepsi range of CSDs, as well as the Cottee's range of cordial.

  • Metcash Trading Limited inks agreement deal to acquire Scanning Systems Australia

    Metcash Trading Limited announced it had reached an agreement for the acquisition of SSA Holding Pty Ltd, trading as Scanning Systems Australia or SSA. Metcash Trading is an Australian national grocery, liquor and hardware marketer and wholesaler. SSA provides advanced point of sale systems to independent retailers in the grocery, liquor, hardware, fuel and convenience sectors.

    Mr. David Hagen, SSA Managing Director commented that he was confident Metcash will continue building on the strengths of the Profit Track product suite and provide market leading solutions to independent retailers.

  • Sotheby's International Realty Affiliates acquires rights to license Sotheby's International Realty(R) brand in Australia

    Sotheby's International Realty Affiliates LLC (SIRA) has acquired the rights from the Sotheby's auction house to license the Sotheby's International Realty(R) brand in Australia. The financial terms of the transaction were however not disclosed.

    Commenting on the acquisition, Michael R. Good, chief executive officer, Sotheby's International Realty Affiliates LLC, said the investment gives the firm representation in the Australian market, terming it a ‘critical international market.’ With the licensing rights for Australia acquired, the firm will focus on aggressively pursuing the finest local candidates to represent its business in the country, he said.

  • MTQ Corporation acquires 15% stake in Australia’s Neptune Marine Services Limited

    MTQ Corporation Limited (MTQ), through its wholly owned subsidiary, Blossomvale Investments Pte. Ltd, Wednesday acquired 200 million new ordinary shares in Neptune Marine Services Limited, representing about 15% stake.

    Neptune provides offshore engineering solutions to the global oil and gas, marine and renewable energy industries. Headquartered in Perth, Western Australia, Neptune has a comprehensive focus on subsea services with operations spanning Australia and the United Kingdom.

  • Fairfax Media acquires online accommodation booking company Occupancy for AU$29.1 million

    Australia’s leading diversified media firm, Fairfax Media, has acquired an online accommodation booking company for an estimated AU$29.1 million. Fairfax acquired Occupancy, which operates 2 websites that list holiday rental properties – Rentahome.com.au and Takeabreak.com.au.

    The deal will see Fairfax Media pay AU$11.2 million in shares and AU$17.9 million in cash. Existing shareholders will keep about 10% of the combined shares and Fairfax will hold 90%. The move is line with Fairfax’s strategy to get into the online holiday rental and corporate rental business, which saw the company take control of Stayz.com.au in 2005. They also control Holidayhomes.co.nz and Bookit.co.nz.

  • India’s Lanco Infratech to acquire Australia’s Griffin Coal for A$730 million

    The Economic Times (ET) reported Friday India’s foremost infrastructure firm, Lanco Infratech is to acquire Australia’s Griffin Coal. According to the ET report, the investment is for a consideration of A$730 million, about Rs 3,400 crore. Lanco’s move comes amidst previous similar moves by Indian firms keen on securing resource supplies for their Indian units.

    According to the ET, it is the second biggest investment by an Indian company in Australia, after Adani Enterprises acquired Linc in August 2010 for $2.7 billion. Speaking to ET, Lanco’s chief financial officer, Suresh Kumar, said the acquisition of Griffin Coal will cater for about 30 per cent of Lanco’s overall coal needs to the year 2015.

  • US based Newpark Resources buys Rheochem Plc’s drilling fluids and engineering services unit

    US based Newpark Resources, Inc. is to acquire Australia based Rheochem Plc’s drilling fluids and engineering services unit.  Rheochem Plc is a publicly-traded Australian-based oil and gas company.  Rheochem provides drilling fluids and engineering services to the oil and gas exploration and geothermal industries with operations in Australia, New Zealand and India.

  • Fugro N.V. acquires Perth Based TSmarine Group Holdings(TSM) and its subsidiaries

    Furgo N.V. announced it has acquired TSmarine Group Holdings Pty Ltd (TSM) and all its subsidiaries. TSmarine is a Perth based specialist provider of subsea construction, IRM (inspection, repair and maintenance) and light well intervention. The acquired subsidiaries are based in Singapore, Labuan (Malaysia) and Aberdeen (UK).

    TSmarine operates ROV (Remotely Operated Vehicle) and diving services and has four high specification chartered vessels in its fleet. It is primarily focused in the Asia-Pacific region. Furgo expects the acquisition of TSmarine will enhance Furgo’s existing presence in the Asia-Pacific expanse. TSmarine recently established an office in UK to develop services in Europe and Africa.

  • Deloitte acquires Australia Access Economics

    Deloitte Australia Wednesday announced it has acquired Australia’s Access Economics. The move is expected to create Australia’s leading economics advisory practice to be known as Deloitte Access Economics.

     

    Commenting on the investment, Deloitte CEO Giam Swiegers said the firm has been witnessing a growing demand for expert knowledge and industry experience in economic consulting, modeling and forecasting for both the public and private sectors.

     

  • Furmanite Corporation expands its global on-site machining capabilities with Australia and US investments

    Furmanite Corporation has expanded its global on-site machining capabilities through the acquisition of Self Leveling Machines Pty Ltd and Self Leveling Machines, Inc. (collectively named SLM), based in Melbourne, Australia, and Houston, Texas. SLM is a recognized world leader in large scale on-site machining with capability to perform up to 100 foot diameter cuts at machine shop accuracy through its patented Self Leveling Technology.

    SLM provides engineering, fabrication and execution of highly-specialized machining solutions for large-scale equipment or operations, generating annual revenues of $7 million.

  • Centro Properties Group sells US assets and announces major restructure developments

    Troubled Australian firm Centro Properties Group Tuesday announced a proposed restructure that will see the firm sell its US assets following a competitive market process. Centro and its managed funds have entered into a binding stock purchase agreement with BRE Retail Holdings, Inc, an affiliate of Blackstone Real Estate Partners VI, L.P. to sell all of their US assets and platform for an enterprise value of approximately US$9.4 billion.

  • China Petrochemical Corp to acquire 15% of ConocoPhillips’ & Origin Energy Ltd’s planned Australian gas venture

    China’s second biggest oil firm, China Petrochemical Corp., or Sinopec, is to acquire a 15 per cent stake in a joint gas venture planned by ConocoPhillips and Origin Energy Ltd in Australia. The plans were unveiled by a statement from the Chinese firm, coming as part of a fuel-purchase agreement.

    Under the preliminary agreement, Sinopec Group will buy as much as 4.3 million metric tons of liquefied natural gas a year for two decades, the Beijing-based company said in a statement. However, speaking to reporters over the investment plans, Grant King, managing director of Sydney-based Origin Energy said the supply agreement would be the largest for any of the Queensland ventures intending to liquefy gas extracted from coal deposits.

  • Fortis Global Healthcare Holdings acquires majority stake in Australia’s Dental Corporation Holdings

    Fortis Global Healthcare Holdings has hiked its stake in Australia’s Dental Corporation Holdings. Fortis announced it is to acquire a majority stake in the Australian firm, the move coming just two months after its acquisition of a 33 per cent stake in Dental Corporation Holdings. The previous 33 per cent stake acquisition cost Fortis approximately Rs 450 crore.

    Fortis Global is the wholly-owned overseas investment vehicle of the promoters of Fortis Healthcare Ltd, India’s second largest private hospital chain. The Australia based Dental Corporation has annual revenue of Rs 820 crore and is one of the fastest-growing dental chains in Australia.

  • New York based Production Resource Group to acquire business and assets of Australia’s Bytecraft Entertainment

    New York based firm Production Resource Group (PRG) is to acquire the business and assets of Australia’s Bytecraft Entertainment. Production Resource Group is a leading global supplier of entertainment and event technology solutions. The US firm announced Thursday it will acquire the business and assets of Bytecraft Entertainment, a wholly-owned subsidiary of Staging Connections Group Limited.  

    PRG chairman and CEO Jeremiah Harris and Bytecraft Managing Director Stephen Found jointly announced the acquisition, which will be completed by the end of March.  Under the agreement, Stephen Found will continue in a leadership role with the company.

  • Tyco International Ltd to acquire Oceania Capital Partners’ Signature Security Group

    Tyco International Ltd has reached an agreement with Oceania Capital Partners Limited (OCP) to acquire OCP's Signature Security Group for AU $171 million. Tyco intends to combine Signature Security's Australian and New Zealand operations with its ADT Security business under the ADT name, the firm stated in a press release.

  • Oracle acquires intellectual property relating to environmental reporting software developed by Melbourne based Ndevr

    US based Oracle has acquired the intellectual property relating to environmental reporting software created by a Melbourne-based developer Ndevr. The Australian software developer Ndevr sold to Oracle the intellectual property pertaining to its greenhouse gas and environmental reporting software for Oracle's E-Business Suite and JD Edwards Enterprise One.

    The company has been a JD Edwards/Oracle certified partner for over 10 years, and was instrumental in the formation of an Australian property and construction special interest user group for the local JD Edwards user community. However, the financial details of the transaction were undisclosed.

  • West Australia Holdings Ltd to acquire Seven Media Group

    West Australia Holdings Ltd is to acquire media firm Seven Media Group. The firm announced Monday it will be undertaking the investment targeted at creating Australia’s biggest diversified media business. The investment will be for a consideration of A$4.1 billion. The firm will be acquired from Seven Group Holdings Ltd. Post the acquisition, the new entity will be renamed Seven Media West.

    At a press briefing Monday, chairman of the West Australian independent board committee, Doug Flynn said the investment marks a transformational opportunity for the firm. Flynn said West Australia will become the leading multi-platform media business in Australia.

  • UK based Clifford Chance LLP to merge with Sydney and Perth based firms

    The UK’s highest grossing agency, Clifford Chance LLP is keen on a merger with firms in Perth and Sydney in Australia. The move comes as part of Clifford Chance’s strategy to double receipts in Asia. Clifford Chance had 2010 revenue of 1.19 billion pounds.

    Clifford will merge with Chang, Pistilli & Simmons, a merger and acquisition adviser in Sydney, and Cochrane Lishman Carson Luscombe in Perth. According to Peter Charlton, head of Clifford Chance’s Asian operations, the mergers are in line with a strategy targeted at bolstering staffing in Tokyo, Beijing and Singapore and increase revenue in the region to 250 million pounds over the next four years.

  • NBN Co to acquire AUSTAR’s 2.3 GHz and 3.4 GHz spectrum holdings

    NBN Co is to acquire AUSTAR’s 2.3 GHz and 3.4 GHz spectrum holdings, enabling NBN Co to roll out a high-speed fixed-wireless service to rural and regional areas. NBN Co is developing a wholesale high-speed broadband network which will be available to retail service providers on non-discriminatory terms, allowing RSPs to offer a range of plans and packages to consumers and businesses.

    The first NBN Co fixed-wireless commercial services are scheduled for delivery in mid 2012. NBN Co has previously outlined plans to deliver next-generation wireless and satellite services to seven per cent of premises outside its fibre footprint.

  • Standard Chartered Private Equity to invest $83 million in Australia’s biggest livestock exporter Wellard Group

    Standard Chartered Private Equity Ltd (SCPEL) is to invest $83 million in the purchase of a stake in Australia’s Wellard Group Holdings. The firm is Australia’s biggest livestock exporter. Under its plans, the Standard Chartered Private Equity Ltd is to invest in Wellard via a convertible note.  

  • Aspen Group purchases Australian Taxation Office Building in Adelaide

    Australian property investment and funds Management Company Aspen Group is to acquire the Australian Taxation Office (ATO) Building, located within the Central Business District of Adelaide, South Australia. The Taxation Office property comes as part of Aspen’s Development Fund (ADF) No.1’s impressive Adelaide City Central precinct. ADF is a development fund of which Aspen Group is fund manager and is the major shareholder.

    Aspen Group expects a starting net operating income of $14.3 million, representing an initial passing yield of 7.8% post the investment. Aspen also expects a substantial increase in the Group’s investment property portfolio weighted average lease expiry (WALE) from 2.4 yrs to 6.7 years on completion.

  • Korean firms in quest to acquire Australia’s Whitehaven Coal Company

    Two Korean firms have expressed interest in acquiring Australia’s Whitehaven Coal Company. Korea Resources Corp and Daewoo International Corp made a non-binding offer to buy the Australian coal miner. Whitehaven is valued at $3.497 billion and has been on the market since late last year. Final bids are expected to be placed by April 2011.

    Whitehaven already runs a joint venture business with the two Korean firms in New South Wales. The JV is being undertaken at Whitehaven’s Narrabri North mine, in New South Wales. Commenting on the offer, Korea Resources spokesperson confirmed the firm was making a joint bid but disclosed no further information on the valuation of the bid.

  • BMT Group acquires Australian port and harbor engineering group JFA Consultants

    BMT Group announced the acquisition of Australian port and harbor engineering group, JFA Consultants. BMT Group is keen on bolstering its Asia-Pacific base. BMT Group is a UK-based consultancy. Peter French, BMT chief executive said the company’s acquisition of the Perth-based consultancy would broaden its strengths in the fields of port development and coastal engineering, as well as giving it growth opportunities in the fields in which it currently worked.

    JFA director Jesz Fleming said the acquisition would expand its growth opportunities, benefiting staff and clients. BMT was recognized by non-profit organization Europe’s 500 as one of the fastest growing in Europe last week.

  • AustralianSuper and Westscheme announced plans to merge to become $40b superannuation powerhouse

    AustralianSuper and Westscheme have announced they are to merge, a move that will create a strong 1.7 million member superannuation entity. The merger will result in a $40 billion superannuation powerhouse, said the announcement. As it is, a due diligence process is already underway and will be finalized by April. Upon successful completion of the due diligence, the two firms should be able to merge on 30 June 2011, stated the announcement.

    Post the merger, Westscheme members will benefit from AustralianSuper's size, security and expertise which will make a real difference to the retirement outcomes of members. The merger is tipped to trigger a wave of consolidation among the industry’s smaller players.