PRESS DIGEST-Australian Business News - Dec 30
Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
Billionaire James Packer may sell his cattle-producing business, Consolidated Pastoral Company, for an estimated A$425 million. It is understood that British-based private equity player Terra Firma is interested in acquiring a 90 percent stake in Consolidated Pastoral, leaving the latter's managing director and chairman, Ken Warriner, with a 10 percent shareholding. Consolidated Pastoral, which runs more than 300,000 head of cattle at stations across the country, is the major asset in Mr Packer's Consolidated Press Holdings. Page 5.
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Australia's beverages sector will witness heightened corporate activity in 2009, according to observers. Among potential deals investors will closely watch are wine and beer group Lion Nathan's LNN.AX A$8 billion merger offer for Coca-Cola Amatil (CCL.AX) and Japanese group Asahi's A$1.2 billion offer for soft drinks producer Cadbury Schweppes. Also anticipated is a carve-up of leading beer and wine group Foster's (FGL.AX) at the conclusion of a review of its A$4 billion wine division, expected by mid-February. Page 6.
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Mining company Perilya (PEM.AX) may have deflected a takeover move by rival CBH Resources after a Chinese group secured provincial government approval in its country to take a majority stake in the troubled base metals miner. Smelting group Shenzhen Zhongjin Lignan Femet plans to take new shares in Perilya for A$45.5 million, securing a 50.1 percent controlling interest in the company. Page 6.
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Jamie Odell will take over as chief executive of troubled poker machine group Aristocrat Leisure (ALL.AX) in February, replacing Paul Oneile, who was forced to step down in September. Mr Odell, the former managing director of Australasian operations at wine and beer group Foster's, will provide "inspired leadership" to Aristocrat, according to the latter's chairman, David Simpson. Aristocrat, which has been hit by the economic downturn, has seen its share price decline by more than 60 percent over the past year. Page 7.
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THE AUSTRALIAN (www.theaustralian.news.com.au)
Sydney-based independent advisory firm Caliburn Partnership has posted a 13 percent decline in profit to A$24.2 million for the last financial year, despite being among the more prominent advisors and investment bankers involved in mergers and acquisitions in recent months. Observers blamed the slump in overall investment banking fees generated domestically to their lowest since 2005. Caliburn, which was founded 10 years ago, last year advised clients including Westpac (WBC.AX), Woolworths (WOW.AX), Lion Nathan and Primary Health Care (PRY.AX). Page 19.
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The sale of the Queensland copper mines and plant of Matrix Metals (MRX.AX), which went into administration last month, has attracted global mining group Xstrata. The Swiss miner yesterday would not confirm its interest in the Matrix assets, but it is understood to be among 30 parties that have lodged expressions of interest with receiver Deloitte. "The interest demonstrates there are buyers out there for good assets," Gary Doran of Deloitte said yesterday. Page 20.
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Distressed miner OZ Minerals (OZL.AX) hopes to negotiate an extension to refinance US$560 million (A$812 million) of debt this morning, despite failing to do so by yesterday's deadline. It is understood that West Australian lender HBOS is the main unwilling party in OZ Minerals' banking consortium. OZ Minerals, which is seeking an extension until January 31, is required to meet conditions set by the banks that have not been disclosed. "The banks just need to know they're going to get their money back," a CMC Markets analyst said yesterday. Page 21. Continued...
