Australia’s Mitchell recommends $324 mln Aegis bid

July 30, 2010 By Leave a Comment

July 29 (Reuters) – Australia’s Mitchell Communication Group (MCU.AX) said on Thursday its board had agreed to accept a A$363 million ($324 million) takeover bid from British media buying group Aegis (AEGS.L).

The company said Aegis had offered A$1.20 per share including options and performance rights.

Mitchell shares were earlier placed in a trading halt as Britain’s Daily Telegraph newspaper flagged the deal. The stock last traded at A$1.04. (Reporting by Michael Smith; Editing by Balazs Koranyi)

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UPDATE 1-Newcrest Q4 gold output +26%, clears Lihir hurdle

July 23, 2010 By Leave a Comment

SYDNEY, July 22 (Reuters) – Newcrest Mining (NCM.AX) on Thursday posted a 26 percent rise in fiscal fourth-quarter gold output and came a step closer to sewing up its A$9.9 billion ($8.68 billion) takeover of rival Lihir Gold (LGL.AX).

An independent expert backed Newcrest’s cash and script offer for Lihir, clearing the way for shareholders to vote on the deal to create the world’s fourth-biggest listed gold miner.

“The proposal is in the best interest of LGL shareholders in the absence of a superior proposal,” independent expert Grant Samuel and Associates said, according to Lihir.

The offer currently values Lihir at around A$4.18 a share, or A$9.9 billion.

AngloGold Ashanti (ANGJ.J), Barrick Gold (ABX.TO), and Newmont Mining Corp (NEM.N) have also looked at Lihir’s books but none were likely to launch rival bids, according to sources close to the deal.

Lihir shares have been trading just below the offer value since Newcrest improved its bid in May, indicating investors expect the deal to go ahead, with no other suitors in sight.

Newcrest welcomed the findings and said it hoped to complete the acquisition by Sept. 13, 2010.

Newcrest’ full-year 2009/10 output rose 8 percent to 1.762 million ounces.

The company in April predicted full-year output would be between 1.81 million and 1.91 million ounces.

Newcrest shares were trading 0.7 percent lower at A$33.90, while Lihir was 0.02 percent down to A$4.08, broadly in step with a modestly weaker wider market .AXJO. (Reporting by James Regan, Sonali Paul and Michael Smith; Editing by Ed Davies)

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Australia’s Centennial says backs Banpu offer

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Australia’s Centennial Coal Co Ltd (CEY.AX) on Friday told shareholders its board had recommended a $2 billion takeover offer from Thailand’s Banpu Public Co Ltd (BANP.BK).

Centennial said Banpu had indicated it would maintain the company’s current operations and employees.

It recommended shareholders take no action at this time. A bidder’s statement and a target’s statement was expected at the end of July or in August.

(Reporting by Michael Smith; Editing by Ed Davies)

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RPT-Australia’s QR float plan on track – Queensland gov

July 7, 2010 By Leave a Comment

July 6 (Reuters) – The Queensland state government said on Tuesday there were no changes in its IPO plans for QR National coal transport business despite the postponement of Bilginger Berger’s (GBFG.DE) Australian unit IPO.

The IPO of QR National estimated at A$7 billion($5.88 billion) is the largest scheduled for Australia this year.

“It doesn’t have any direct bearing on our plans to float QR National,” Queensland Treasurer Andrew Fraser said in a statement. (Reporting by Michael Smith; Editing by Narayanan Somasundaram)

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Australia’s QR float plan on track – Queensland gov

July 7, 2010 By Leave a Comment

July 6 (Reuters) – The Queensland state government said on Tuesday there were no changes in its IPO plans for QR National coal transport business despite the postponement of Bilginger Berger’s (GBFG.DE) Australian unit IPO.

The IPO of QR National estimated at A$7 billion($5.88 billion) is the largest scheduled for Australia this year.

“It doesn’t have any direct bearing on our plans to float QR National,” Queensland Treasurer Andrew Fraser said in a statement. (Reporting by Michael Smith; Editing by Narayanan Somasundaram)

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China Merchants Group acquires Australia’s Loscam

July 6, 2010 By Leave a Comment

July 5 (Reuters) – Hong Kong-based conglomerate China Merchants Group has acquired Australian pallet maker Loscam Ltd, Locam said in a statement on Monday.

The business was sold by private equity group Affinity Equity Partners for an undisclosed sum.

Loscam makes and hires out wooden and plastic pallets, and is a competitor to listed Brambles Ltd (BXB.AX), the world’s top pallet supplier. The company, based in Australia, has 11 offices throughout Asia. (Reporting by Michael Smith; editing by Balazs Koranyi)

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Australia’s CHAMP says to buy ATF Services

July 2, 2010 By Leave a Comment

July 1 (Reuters) – Australia’s CHAMP Private Equity has agreed to buy temporary fencing provider ATF Services from Sydney-based Quadrant Private Equity, the company said on Thursday.

CHAMP, which earlier announced it had sold university programme provider Study Group, did not disclose financial terms.

Sydney-based Quadrant Private Equity had earlier been looking to float ATF Services. (Reporting by Michael Smith)

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Australia’s CHAMP says to buy ATF Services

July 2, 2010 By Leave a Comment

July 1 (Reuters) – Australia’s CHAMP Private Equity has agreed to buy temporary fencing provider ATF Services from Sydney-based Quadrant Private Equity, the company said on Thursday.

CHAMP, which earlier announced it had sold university programme provider Study Group, did not disclose financial terms.

Sydney-based Quadrant Private Equity had earlier been looking to float ATF Services. (Reporting by Michael Smith)

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Providence buys Australia’s Study Group for $570 mln

July 2, 2010 By Leave a Comment

July 1 (Reuters) – U.S. private equity firm Providence Equity Partners has acquired university programme provider Study Group from Australia’s CHAMP Private Equity for $570 million, the company said in a statement on Thursday.

Providence would buy the shares in Study Group owned by CHAMP and Petersen Investments, Study Group said in a statement.

Study Group International helps prepare students for university study in the United Kingdom, Australia and the United States, where it owns the Centre for English Studies chain of language schools.

(Reporting by Michael Smith, Editing by Narayanan Somasundaram)

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Australia’s minerals council suspends anti-tax ads – TV

June 25, 2010 By Leave a Comment

June 24 (Reuters) – Australia’s minerals council will suspend advertisements opposing government plans for a new tax on mining after new prime minister Julia Gillard pledged to open the door to miners for negotiations, Sky TV reported on Thursday.

(Reporting by Ed Davies; Editing by Michael Smith)

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Australia’s Healthscope gets 2 more takeover offers

May 31, 2010 By Leave a Comment

(Reuters) – Australian hospital operator Healthscope (HSP.AX) said on Monday it has got two more takeover offers valuing the company at more than A$1.84 billion ($1.56 billion) as a bidding war intensifies.

Deals

The offer price of A$5.80 a share was 0.9 percent higher than an existing offer for the group and a 10.9 per cent premium to Friday’s closing share price.

The shares rose 5.7 percent to A$5.53 in early trade, a 4.6 percent discount to the latest offer.

Healthscope in a statement advised shareholders to take no action and added it would take several weeks to evaluate the offer.

Last week, a source said private equity firm Blackstone Group LP (BX.N) had joined TPG and Carlyle in their bid at A$5.75 a share.

Private equity firm Kohlberg Kravis Roberts was also planning to lodge a bid for the company, media reports said Monday.

At least three analysts have put valuations of between A$5.80 and A$6.70 on Healthscope if the company’s hospitals and pathology arms were broken up.

The bid would be the largest private equity bid in Australia since 2008.

(Reporting by Michael Smith; Editing by Ed Davies)

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Michelle Obama chooses affordable ‘Pottery Barn’ furniture for White House

January 31, 2009 By Leave a Comment

Washington, Jan 31 (ANI): US President Barack Obama’s wife Michelle is keeping it real – the mom-in-chief along with expensive Hollywood interior designer Michael Smith is redecorating the White House with items from the reasonably priced shop Pottery Barn, according to reports.

Smith said that he would take design cues from the Obamas’ “casual style” while “utilizing affordable brands.”

Daughters Maila and Sasha are also contributing to the decoration by giving their own inputs, reports Us Magazine.

Michelle’s goal is to keep her daughters grounded.

In addition to doing chores despite a huge White House staff, “pretty much we’ll see Michelle and the girls in the White House kitchen, trying to bake something together, and her raising them as if they were still in Chicago,” family friend Kim Lightford said. (ANI)

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‘Affordable brands’ to keep Obamas’ White House residence stylish

January 21, 2009 By Leave a Comment

Washington, January 21 (ANI): America’s new first family may have to do with a limited budget to transform the White House into their new home, but that would not stop their designer from making it chic.

Decorator Michael Smith, working under a tight budget of 100,000 dollars allocated by Congress, revealed that he would use “affordable brands” to redesign the presidential mansion to make the Chicago family feel content in their new home – but not without style.

And, according to interior experts, achieving high style should not be a problem even on a budget.

Reasonable furniture and accessories from stores like Target, Kohl’s and Ikea can help add panache to any interior, be it in the White House or any other house, they added.

“You have people like Target and Ikea that hire extremely talented designers to design their furniture for them and meld into that design process, making it affordable,” Fox News quoted John Gidding, a host of HGTV’s Designed to Sell, as saying. (ANI)

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Obamas under tight budget for new White House residence makeover

January 20, 2009 By Leave a Comment

Washington, January 20 (ANI): America’s new first family will have to do with a limited budget as they add their own personal touches to make the White House their new home.

According to the Executive Residence Budget, Congress allocates 1.6 million dollars per year for the repair, restoration and preservation of the White House, which includes 100,000 dollars for every incoming president to redecorate the private quarters and the Oval Office.

Barack Obama and his wife Michelle will need to stick to the tight figure as they settle down in their new abode with daughters Malia and Sasha’s comfort topping their priority list.

“Their primary focus is to make sure that the kids feel comfortable and settled,” Fox News quoted Michelle’s press secretary, Katie McCormick Lelyveld, as saying.

The Chicago family has selected renowned designer Michael Smith to incorporate “some new perspectives from some of America’s greatest artists and designers.”

The wife of first African-American to be elected President said: “I look forward to adding our own touch to the East Wing and creating a living space where our family feels comfortable, happy and settled.” (ANI)

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Oz retailers body back call for hijab ban

January 15, 2009 By Leave a Comment

Melbourne, Jan.15 (ANI): The National Retailers Association has backed a radio announcer’s call for a ban on Islamic hijabs.

The peak national body has called for all hijabs, helmets and hoodies to be banned in shops and banks for security purposes.

Brisbane radio presenter Michael Smith angered listeners after calling for Muslim women who wear a hijab to be fined.

The 4BC drive presenter said on Wednesday that wearing the hijab or burka posed a security risk because it obscured the face, making it difficult to identify the wearer in the instance of a crime.

Smith said it should be made an offence.

Retailers’ association executive director Scott Driscoll said it had been a long accepted practice to require customers to remove helmets and other identity obscuring headwear when entering a shop or bank.

Islamic Council of Queensland president Suliman Sabdia said he was disappointed by Smith’s remarks.

“He has every right to say it but we do say he displays intolerance, and a complete lack of understanding of the Muslim code of conduct,” the Daily Telegraph quoted Sabdia, as saying. (ANI)

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