Mitchell Communication Group, the Australian Stock Exchange Listed media company said Thursday that its board of directors is in support of an A$363 million takeover offer from Aegis Media, the British media buying group. The announcement further revealed that the board had accepted Aegis Media’s offer of A$1.20 for every share inclusive of options and performance rights.

In a move aimed at ending conjecture over its rumored Asian venture, Westpac Banking Corp, the Australian banking major raised 3 billion US dollars from the American debt markets. In the move, the Australian bank remitted to investors a margin of 93 and 115 basis points consecutively by pricing 1 billion US dollars in three year bonds and 2 billion US dollars in five year bonds.

HRL Morrison & Co., the Wellington based infrastructure investment firm is keen on acquiring the Australian Port of Brisbane. HRL Morrison is funded by the New Zealand superannuation fund and is currently bidding with five other companies for the A$2 billion Queensland state government owned port.

The Queensland state government put the port up for sale and it has attracted a number of firms for the bid. According to Australian media reports HRL Morrison, the manager of Infratil, listed in the New Zealand stock and a well known infrastructure investor, is leading a group of companies bidding for the Brisbane port. However, Morrison & Co would not comment on the emerging media reports.

In a bid to capitalize on the growing global homecare market, Air Liquide Thursday announced it had acquired two companies, one in Australia and the other in South Korea. Air Liquide, the world’s third biggest and Europe’s biggest homecare company said the acquisitions are part of its expansion strategy seeking to grow and develop its provision of services via targeted acquisitions in a variety of markets.

Air Liquide said it had acquired a 70% stake in the Australian company, Snore Australia, one of the country’s foremost companies in the sleep diagnosis segment. According to the Australian firm, its diagnoses have been crucial in the diagnosis and assessment of the levels of disorders in conditions like sleep apnea.

A2 New Zealand shareholders Tuesday approved a deal that seeks to buy the 50% stake remaining in Australian company A2 Dairy Products. The deal will see Australian Stock Listed Company Freedom Nutritional Products, its partner in the Australian venture, acquire 25% stake in A2 Corp upon completion of the deal, with the choice of upping its stake later to about 27%. According to A2 Corp, it hopes the deal will give it special rights for it to produce and sale its milk products in Australia and Japan.

The Federal Government has reached agreement on improved resource tax arrangements that address the concerns of the resource industry.

According to Deputy Prime Minsiter and Treasurer Wayne Swan, the agreement provides certainty to the resources industry, to mining communities right around the country, and to the broader Australian economy.

"The breakthrough agreement keeps faith with our central goal from day one: to deliver a better return for the Australian people for the resources they own and which can only be dug up once. It is the result of intense consultation and negotiation with the resources industry," Swan said.

H20 Organiser Ltd has designed a water control and monitoring device which it claims has the potential to save households and commercial premises up to 180 million litres of water a year nationwide.

According to H20 Organiser, the H20 Water Pressure Controller and Town Saver products present an easy and cost-effective solution to the ongoing problem of water wastage by monitoring the flow of electricity, rather than the flow of water to a pump - enabling the device to sense when a pump is running unnecessarily and avoid potentially disastrous losses of water.

Progen Pharmaceuticals Ltd (ASX:PGL, NASDAQ:PGLA) announced it has signed a License and Collaboration Agreement with Medigen Biotech Corporation (Taipei, Taiwan) for the development and commercialisation of muparfostat (PI-88) globally.

Muparfostat is a multi-targeted cancer therapeutic in late stage development which inhibits
both angiogenesis (or tumour promoting) factors, Fibroblast Growth Factors (FGF) 1 and 2, and heparanase, an enzyme implicated in metastasis (tumour spread).

 
This agreement creates a binding arrangement between the parties.

Bioenergy – an industry that has significant potential to help Australia reduce its greenhouse gas emissions and dependence on fossil fuels – is the focus of a new report released by the Rural Industries Research and Development Corporation (RIRDC).

Overview of Bioenergy in Australia provides a comprehensive overview of the $400 million a year industry, and addresses how bioenergy can help contribute to Australia’s low carbon future.

Speaking at Bioenergy Australia’s quarterly meeting, RIRDC’s General Manager for New Rural Industries, Dr Roslyn Prinsley said Overview of Bioenergy in Australia will serve as a valuable tool for policy makers, industry participants and potential investors in the industry.

The Capgemini and Merrill Lynch 2010 World Wealth Report has shown Australia has become the third largest private wealth market in the Asia Pacific and the 10th largest in the world.

Allegro Private Equity has launched a new fund called Allegro Fund II to raise more than $200 million to invest in the growing number of smaller mid-market private equity opportunities that have emerged post global financial crisis.

Macquarie has already been secured as a cornerstone investor for the fund, which will target turnaround businesses in Australia and New Zealand requiring capital to restructure or unlock potential growth, as well as emerging business requiring funds to accelerate growth.

Chester Moynihan, joint managing director, Allegro Private Equity, said the fund is looking to capitalise on mid-market private investment opportunities emerging as the economic outlook in the Australia New Zealand region improves.