The new entity will have the scale and financial strength to compete more effectively with Telstra and Optus.
The offer comes just a month after billionaire Li Ka-shing formally stepped down as head of the business empire, handing the reins to his eldest son Victor.
Wesfarmers expects the U.K. unit to post a 97 million pound first-half underlying loss when it reports later this month.
Australia’s Boral Ltd. agreed to buy U.S. building materials company Headwaters Inc. for $1.8 billion in cash as it seeks to benefit from increased infrastructure spending promised by President-elect Donald Trump. Boral will pay $24.25 per share, according to a statement Monday — 21 percent more than Headwater’s closing price… Read more »
Under the agreement announced Sunday, Kidman would be purchased by a venture called Australian Outback Beef Pty., 67 percent owned by Hancock and 33 percent by Shanghai CRED. The privately-held Chinese firm was part of the April bidding group that was blocked.
Australia’s Telstra Corp. completed the sale of a 47 percent stake in Chinese website Autohome Inc. to Ping An Insurance Group Co. for $1.6 billion, though it continues to face litigation over the deal. The Melbourne-based phone company will book an accounting gain of A$1.8 billion ($1.4 billion) on the… Read more »
The two groups, which have been dueling over Melbourne-based Asciano for months, are discussing a joint cash offer of A$9.28 per share, according to a statement from the target to the ASX on Tuesday. That’s 4.6 percent higher than the target’s closing price on Monday.