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☆ Newmont gets Aussie regulatory nod for $16.8 bln Newcrest deal
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A small toy figure and gold imitation are seen in front of the Newmont logo in this illustration taken November 19, 2021. If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$29.27 a share. Newcrest in mid-May said it would back the takeover offer in what would be the third-largest deal ever involving an Australian company. Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year, it said. The Australian Competition and Consumer Commission and Newcrest did not immediately respond to Reuters requests for comment.

Persons: Dado Ruvic, Newmont, Newcrest, Harish Sridharan, Shailesh Organizations: REUTERS, Newmont Corp, Newcrest, Foreign Investment, Board, Australian Competition, Consumer Commission, Thomson Locations: Japan, Philippines, Papua New Guinea, Bengaluru

☆ Macquarie flags lower quarterly profit as commodities arm flounders
▼ + stars: | 2023-07-27 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

Macquarie's Commodities and Global Markets (CGM) unit, its biggest earner, has for several years cashed in on increasing hedging activity amid volatility in oil and gas markets. That had driven the Sydney-based firm's annual earnings to a record A$5.18 billion ($3.53 billion) in fiscal 2023 ended March. While Macquarie did not disclose a profit figure in its quarterly update, Citi Research had expected first-quarter earnings of around A$1 billion ($680.90 million). The analysts noted, however, that Macquarie's earnings may have come in below that. At the end of the quarter, Macquarie's capital surplus stood at A$10.8 billion.

Persons: Shemara Wikramanayake, Macquarie, Harish Sridharan, Navya Mittal, Echha, Subhranshu Sahu, Christopher Cushing Organizations: Macquarie, Citi, Macquarie Group, Macquarie's Commodities, Global Markets, Citi Research, Thomson Locations: Sydney, Bengaluru

☆ Australia's Westpac splits consumer and business banking unit into two
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: 1 min

July 19 (Reuters) - Westpac Banking Corp (WBC.AX) on Wednesday said it would split its consumer and business banking business into two, with each having its own CEO, effective Aug. 1. The bank said Chris de Bruin, currently head of the combined unit, will leave and named Jason Yetton as CEO of the consumer business and Anthony Miller as CEO of the business and wealth division. Westpac also promoted Nell Hutton to head its institutional bank unit. These changes come at a time when Australia's biggest banks are reeling under the pressures of increased interest rates, which have contributed to slowing credit growth. The Reserve Bank of Australia has raised interest rates by a whopping 400 basis points in just 14 months.

Persons: Chris de Bruin, Jason Yetton, Anthony Miller, Nell Hutton, Harish Sridharan, Savio D'Souza Organizations: Westpac Banking Corp, Westpac, Reserve Bank of Australia, Thomson Locations: Bengaluru

☆ Regulator cancels license of FTX's Australian business
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Australia's securities regulator said on Wednesday it had cancelled the license of the local arm of collapsed U.S. cryptocurrency exchange FTX, effective from July 14. The Australian Securities & Investments Commission (ASIC) had last November suspended the license until May, taking back FTX's permit to deal in derivative and foreign exchange contracts to retail and wholesale clients. FTX Australia can continue to provide limited financial services for terminating existing derivatives with clients until July 12, 2024, the regulator said on Wednesday. The license cancellation has no effect on requirements for FTX Australia to continue as a member of Australian Financial Complaints Authority, and to have arrangements for compensating retail clients, it added. Reporting by Harish Sridharan in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, FTX, Harish Sridharan, Sherry Jacob, Phillips Organizations: U.S, Australian Securities & Investments Commission, Australian Financial, Authority, Thomson Locations: Bahamas, Australia, Bengaluru

☆ Geely, Renault strike deal to develop gasoline engines, hybrid technology
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly SongJuly 11 (Reuters) - China's Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Saudi Aramco (2222.SE), which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years.

Persons: Aly Song, Eric Li, Harish Sridharan, Nivedita Bhattacharjee, Eileen Soreng Organizations: REUTERS, Geely Automobile Holdings, HK, Renault SA, Geely Holding, Renault, Volvo, Proton, Nissan, Mitsubishi Motors, Torino, JV, Reuters, Saudi Aramco, Geely, Aramco, Thomson Locations: Shanghai, China, Saudi, Bengaluru

☆ Australia's United Malt agrees $1 billion takeover offer from France's InVivo
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Australian malt producer United Malt Group Ltd (UMG.AX) said on Monday it had agreed to a A$1.5 billion ($999 million) takeover offer from Malteries Soufflet, a branch of French agribusiness InVivo. The A$5 per share offer represents a 45.3% premium to United Malt's closing price of A$3.44 on March 24, before the offer was first disclosed. United Malt is the world's fourth-largest commercial maltster, producing bulk malt for brewers, craft brewers, distillers and food companies. The deal requires approval from Australia's Foreign Investment Review Board (FIRB) as well as United Malt's shareholders to vote in support the transaction, among other regulatory requirements. United Malt's board has unanimously recommended that its shareholders vote in favor of the proposal.

Persons: Malteries, Thierry Blandinieres, Graham Bradley, InVivo, Harish Sridharan, Lisa Shumaker, Nick Zieminski, Jamie Freed Organizations: United Malt Group, Reuters, distillers, Foreign Investment, Board, United, United Malt, Thomson Locations: Australia, Canada, United States, Britain, Europe, Latin America, Asia, Africa, Bengaluru

MELBOURNE, June 26 (Reuters) - Element 25 Ltd (E25.AX) said on Monday it will supply manganese sulphate to General Motors Co (GM.N) as the automaker looks to secure supply of battery minerals for its North American electric vehicle production, sending its shares up more than 20%. The deal is the second by General Motors for Australian battery minerals as automakers globally rush to secure supply. Shares of Element 25 rallied as much as 23% before trading at A$0.69, up 15%. GM will provide Element 25 with an $85 million loan to partially fund the construction of the facility for production of battery-grade manganese sulphate, the ASX-listed miner said. Element 25 expects to invest about $290 million in total to build the facility, and it is scheduled to open in 2025.

Persons: Harish Sridharan, Melanie Burton, Kim Coghill, Chris Reese Organizations: MELBOURNE, General Motors Co, General Motors, Queensland Pacific Metals, GM, Thomson Locations: Queensland, Louisiana, North America, Bengaluru, Melbourne

☆ Telstra-TPG Telecom network sharing deal blocked by Australia's competition tribunal
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: 1 min

June 21 (Reuters) - The Australian Competition Tribunal has upheld a decision to block a network sharing agreement between wireless internet firms Telstra Group (TLS.AX) and TPG Telecom (TPG.AX), TPG said on Wednesday. The Australian Competition and Consumer Commission (ACCC) had ruled against the plan in December, saying it would bring "a real risk that TPG and Optus will invest less in critical infrastructure". Optus, the country's No. 2 wireless internet provider and which is owned by Singapore Telecommunications (STEL.SI), had opposed the deal, saying it would build Telstra's market dominance. Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Harish Sridharan, Subhranshu Sahu Organizations: Australian, Telstra Group, TPG Telecom, TPG, Australian Competition, Consumer Commission, Optus, Singapore Telecommunications, Thomson Locations: Bengaluru

☆ Australia's competition tribunal blocks Telstra-TPG Telecom network deal
▼ + stars: | 2023-06-21 | by ( Harish Sridharan | ) www.reuters.com time to read: +3 min

2 wireless internet provider owned by Singapore Telecommunications (STEL.SI). TPG said it would review the tribunal's decision before considering its options for further appeal, including a judicial review in the Federal Court. Telstra shares were up 0.7% in early trade, while TPG's shares fell as much as 10.8%, the biggest intraday decline since August 2022. Optus, which had previously opposed the deal on the grounds it would build Telstra's market dominance, said it welcomed the tribunal's decision. "The tribunal's decision was a decisive move for competition in the sector," Commpete Chair Michelle Lim said.

Persons: Vicki Brady, Kelly Bayer Rosmarin, Commpete, Michelle Lim, Harish Sridharan, Subhranshu Sahu, Jamie Freed, Sherry Jacob, Phillips Organizations: Companies Telecom, Optus, TPG Telecom, TPG, Telstra, Australian Competition Tribunal, Telstra Group, Australian Competition, Consumer Commission, Singapore Telecommunications, ACCC, ACT, Thomson Locations: Bengaluru

May 30 (Reuters) - Crown Resorts, the Australian casino operator bought by Blackstone Inc (BX.N) after three damaging inquiries, agreed to pay a A$450 million ($294 million) fine for breaking anti-money laundering laws, a step toward ending its darkest chapter. "We are pleased to have reached this agreement with AUSTRAC," said Crown Resorts CEO Ciarán Carruthers, who started in the role in September. "The company that committed these unacceptable, historic breaches is far removed from the company that exists today." Australian regulators over the recent years have penalised a slew of companies over breaches and non-compliances, with the country's "Big Four" banks fined the most. ($1 = 1.4743 Australian dollars)Reporting by Byron Kaye in Sydney and Harish Sridharan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Crown Resorts and Australian regulator agree to $294 mln penalty
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

May 30 (Reuters) - Crown Resorts has agreed to a A$450 million ($294 million) penalty after it failed to prevent money laundering and criminal activity at its casinos, Australia's financial crime regulator said on Tuesday. In reaching the agreement, Crown has admitted that it operated in breach of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), AUSTRAC said. Crown Melbourne and Crown Perth casinos failed to appropriately assess the money laundering and terrorism financing risks they faced, and to identify and respond to changes in risk over time, the regulator added. "The company that committed these unacceptable, historic breaches is far removed from the company that exists today," Crown said in a statement. ($1 = 1.4743 Australian dollars)Reporting by Harish Sridharan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Allkem, Livent to merge into $10.6 bln lithium giant
▼ + stars: | 2023-05-10 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

May 10 (Reuters) - Lithium producer Allkem Ltd (AKE.AX) has agreed to merge with U.S.-based Livent Corp (LTHM.N) to create one of the world's most valuable producers of the key raw materials used in electric-vehicle batteries. The all-stock deal will create a $10.6 billion entity, the fifth-largest in the world after Albemarle Corp (ALB.N), Sociedad Quimica y Minera de Chile S.A. (SQMA.SN), Ganfeng Lithium Group (002460.SZ) and Tianqi Lithium Corp (002466.SZ). ASX-listed Allkem produces lithium carbonate from its Sal de Vida facility in Argentina, which is near Livent's Hombre Mureto lithium project. Livent, based in Philadelphia, supplies lithium products to multiple U.S. automakers, including General Motors Co (GM.N), Tesla Inc (TSLA.O) and BMW (BMWG.DE). Under the deal, Allkem shareholders will get one share in the combined entity for each of their shares and the company will ultimately own 56% of the new firm.

Listed miners with lithium projects in South America suffered, however, on concerns other governments may follow Chile's lead. Elsewhere in Asia, lithium prices stabilised on an improved demand outlook, and Japan acted to shore up its EV minerals supply by announcing a swathe of industry subsidies. Bucking the regional trend were Australian-listed miners with projects in South America's lithium triangle which spans Chile, Argentina and Bolivia, on concerns other governments may follow Chile's footsteps. Shares in miners with Argentine projects fell. Lithium Power International, (LPI.AX) whose Maricunga brine project is Chile's largest permitted, proposed project welcomed the new policy which it said would "positively transform" Chile's lithium industry.

☆ Newmont plumps final bid for Australia's Newcrest to $19.5 bln
▼ + stars: | 2023-04-11 | by ( Melanie Burton | ) www.reuters.com time to read: +4 min

If successful, the deal would lift Newmont's gold output to nearly double its nearest rival Barrick Gold Corp (ABX.TO). Newcrest said on Tuesday it had given U.S.-based Newmont access to its books following the sweetened all-share bid that has received some support from shareholders. The latest bid is 16% higher than Newmont's initial proposal, and represents around a 46% premium to Newcrest's share price on Feb. 3 before Newmont's first bid was announced. Reuters had reported that Newmont was open to raising its offer price for Newcrest. Barrick and miner Sibanye Stillwater Ltd (SSWJ.J) have told Reuters they are not interested in bidding for Newcrest.

☆ Newmont sweetens bid for Australia's Newcrest to $19.5 bln
▼ + stars: | 2023-04-10 | by ( Melanie Burton | ) www.reuters.com time to read: +2 min

Newcrest said on Tuesday it had given U.S.-based Newmont access to its books following the sweetened all-share bid. "Newmont has indicated that the revised proposal represents its best and final price in the absence of a competing proposal," Newcrest said in a statement. The latest bid is 16% higher than Newmont's initial proposal, and represents a 46% premium to Newcrest's share price on Feb. 3 before Newmont's bid was announced. Reuters had reported that Newmont was open to raising its offer price for Newcrest. Rival miners Barrick and Sibanye Stillwater Ltd (SSWJ.J) have told Reuters they are not interested in bidding for Newcrest.

☆ Newmont plumps offer for Australia's Newcrest to $19.5 bln
▼ + stars: | 2023-04-10 | by ( Melanie Burton | ) www.reuters.com time to read: +3 min

Under the revised offer, Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$32.87 a share, up from a previous exchange ratio of 0.380 that Newcrest's board unanimously rejected in February. Newcrest shares rose by as much as 7% to A$30.28 but still traded below the implied offer price. The latest bid is 16% higher than Newmont's initial proposal, and represents a 46% premium to Newcrest's share price on Feb. 3 before Newmont's bid was announced, Newcrest said. Reuters had reported that Newmont was open to raising its offer price for Newcrest. The revised deal is just shy of Glencore's $22.5 billion takeover offer for Canada's Teck Resources Ltd's (TECKb.TO) that was announced earlier this month.

Rio Tinto, the majority shareholder in ERA which owns and operates the Ranger mine site, has been under pressure to fund the cleanup costs. Rehabilitation costs are estimated at A$1.6 billion to A$2.2 billion, ERA said in a statement. ERA shares declined 9.8% to A$0.185, their lowest since June 2022, while the benchmark index (.AXJO) was marginally higher. ERA will also use the proceeds to partly repay a A$100 million loan from Rio Tinto. (This story has been corrected to state that Rio Tinto is majority shareholder of the mine's owner and operator, not the mine's operator, in paragraph 2, and to state that the target of the protests was the mine and the Jabiluka project, not Rio Tinto, in paragraph 7)Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Australia begins investigation against ASX over software replacement
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - Australia's corporate regulator has commenced an investigation into ASX Ltd (ASX.AX) regarding oversight related to the failed replacement of the Clearing House Electronic Subregister System (CHESS) software, the bourse operator said on Wednesday. (This story has been corrected to remove reference to unrelated platform in paragraph 2)Reporting by Harish Sridharan in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits. North Carolina-based Albemarle is the world's biggest lithium producer with major facilities in Chile, China and Western Australia where it holds stakes in two mines and is building a lithium hydroxide processing plant near Perth. Albemarle had offered A$2.50 per share after two previous offers, Liontown said in an exchange filing. Albemarle said its "compelling" bid offered a material premium to Liontown shareholders who would benefit from its chemical conversion abilities and existing links with Liontown's customers. Liontown also said RT Lithium Ltd, a subsidiary of Albemarle, had built a near 2.2% stake through on-market purchases.

☆ Australia's United Malt shares soar on near $1 bln offer from France's InVivo
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

The A$5 per-share non-binding offer represents a 45.3% premium to the United Malt stock's last close of A$3.44. Shares in United Malt soared to A$4.64 in their biggest intraday percentage jump ever when they returned to trading. Trading in United Malt shares was halted on Monday. United Malt is the world's fourth largest commercial maltster, producing bulk malt for brewers, craft brewers, distillers and food companies. United Malt has appointed Macquarie Capital as its financial adviser for the deal.

☆ Rio Tinto staff's personal data may have been hacked - memo
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Personal data of Rio Tinto Ltd's (RIO.AX) former and current Australian employees may have been stolen by a cybercriminal group, according to a staff memo seen by Reuters on Thursday. "Investigations now indicate a possibility that Rio Tinto data may be impacted," it said. The cybercriminal group threatened to release the data onto the dark web and investigations into the incident were ongoing, the Anglo-Australian mining giant added. The stolen data relates to an attack on GoAnywhere - a managed file transfer (MFT) software offered by cybersecurity firm Fortra - which also provides its services to Rio. As GoAnywhere is a cloud-based vendor, there is no operational impact or risk to the Rio Tinto network, the memo said.

☆ Australia's Medibank posts profit, policyholder growth; shares jump
▼ + stars: | 2023-02-23 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

The loss of confidence following the hack led to Medibank losing 13,000 customers between October and December, curbing the growth in policyholders for the July-December period to 0.1%. However, the rate of losses slowed in January and reversed to a net addition of 200 policyholders this month through Feb. 18, Medibank said. Medibank stock recovering Medibank stock recoveringMedibank reported that its net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, which, according to brokerage firm UBS, beat the consensus estimate of A$211 million. The 17% jump in policyholders in that business came as more international students, visitors and workers return to the country as the pandemic waned. Medibank also declared an interim dividend of 6.3 cents per share, up from 6.1 cents last year.

☆ Australia's Medibank beats profit view, says customer losses slow
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

However, Medibank said it still recorded a 0.1% growth in policyholders for the six months that ended on Dec. 31. The rate at which it lost customers slowed in January and it has even recorded a net growth of 200 policyholders this month through Feb. 18, Medibank said. Medibank's net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, beating the consensus estimate of A$211 million, according to brokerage firm UBS. The company's shares were up 6.5% to A$3.28 by 0426 GMT, set for their best session in nearly three years. Since Medibank first reported the cyber incident on Oct. 13, its stock had declined nearly 13% as of last close.

☆ Australia's Medibank profit beats view as foreign students, workers return
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Companies Medibank Private Ltd FollowFeb 23 (Reuters) - Medibank Private Ltd (MPL.AX) on Thursday beat profit estimates for the first half of fiscal 2023, as its international business received a boost from students, workers and visitors returning to the country. Australia's biggest health insurer posted a net profit after tax of A$233.3 million ($159.41 million) for the six months ended Dec. 31, up 5.9% from A$220.2 million a year earlier. Shares in Medibank, which has been in the spotlight since a cyber hack in October compromised the data of millions of customers, rose as much as 6.8% to A$3.29. As of the last close, the stock had declined over 10% since first reporting the cyber incident. ($1 = 1.4635 Australian dollars)Reporting by Harish Sridharan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Regional rival Air New Zealand Ltd (AIR.NZ) also reported a swing to profit in the first half ended Dec. 31 on Thursday, along with a muted outlook. Qantas Chief Executive Alan Joyce said cost of living pressures would hit discretionary spending "at some point" but so far the airline expected robust demand into mid-2024 at least. Qantas said it was facing delays of up to six months in new aircraft deliveries from Airbus SE (AIR.PA) alongside other airlines around the world. The Australian carrier said it would bolster its fleet by acquiring some older Airbus planes and exercising nine options for A220 purchases to help meet travel demand growth. "Outlook for RASK is to reduce, however off what we estimate were elevated levels," said Citi analysts in a client note.

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