Equities
The starting gun has been fired. Wesfarmers (WES.ASX) and Kidman Resources (KDR.ASX) this morning announced a proposal that would see Kidman acquired at $1.90 per share. In a discussion last year, we looked at the nature of M&A activity in the context of an industry boom and bust cycle and... Show More
Asset Allocation
We asked our portfolio managers to share their views on potential surprises for 2019 which on balance of probabilities are unlikely to happen but shouldn’t be written off entirely. Here are ten potential surprises for 2019. Show More
Asset Allocation
Reading through Patrick Poke’s article yesterday analysing Seth Klarman’s annual letter for Baupost Group ("Klarman: A Buying Opportunity"), a particular passage stood out. Unsurprisingly, not least because of our history in championing the strategy, the passage focused on reducing correlation to broader equity markets. Show More
Healthscope (HSO.ASX) has found itself talk of the town again after it received its second non-binding approach from a consortium led by BGH Capital. Show More
Takeda Pharmaceutical is the largest pharmaceutical company in Japan and Asia, it is headquartered in Osaka and entered the US pharmaceutical market in 1977. Shire Pharmaceutical is a speciality biopharmaceutical company, headquartered in Ireland and listed on the London stock exchange in 1996. Show More
Equities
There are no free lunches in finance, but for Australian investors, franking credits can be the next best thing. Luke Cummings, Chief Investment Officer at Harvest Lane Asset Management, says that many M&A transactions are structured to include a fully franked dividend as part of the headline price. Australian investors... Show More
With additional details being recently released on the Coles demerger capital structure and directors, the market appears to be largely positive on the transaction. Is Wesfarmers planning acquisitions for the future or should they stick to organic growth strategies? Show More
The chronology of events this past 24 hours is rather curious and provides somewhat of a conundrum as to how to play the current machinations. Santos has stated today that on the 14th of August the company received a confidential, non-binding, conditional and indicative proposal to acquire all the shares... Show More
With the planned merger with Aphrodite Minerals (due to be completed in early January, and with the Scheme Booklet now available), Spitfire is continuing the transformational strategy of becoming a significant Australian gold developer. Work by the Company, headed by the Pilbara team of John Young and Neil Biddle, has... Show More
The market is littered with the corpses of over-geared, would-be consolidators that grew too fast and didn’t fully integrate acquisitions along the way. You needn’t even stray outside of the telco sector to find a recent and very public example in Vocus Group (ASX:VOC). You would therefore be forgiven for... Show More
