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Invest In Australia News::

  • Irish bookmaker Paddy Power to purchase remaining stake in Australia’s Sportsbet

    In a move that gives full control of Australia’s Sportsbet, Irish bookmaker Paddy Power reported it had agreed to buy the remaining shares in Australian betting company Sportsbet. Under the terms of the agreement, Paddy Power will pay 132.6 million Australian dollars ($133m; £86.2m) for the 39.2 per cent stake that it does not already own. Paddy Power first bought 51% of Sportsbet in 2009. The overall buyout, which increases its exposure to online betting in Australia, is expected to complete by the end of February 2011.

  • Rio Tinto Group offers 3.9 billion for Riversdale Mining Ltd

    Rio Tinto Group and Riversdale Mining Limited have entered into a Bid Implementation Agreement (BIA) for a cash offer by Rio Tinto to acquire all of the issued and outstanding shares of Riversdale by way of a recommended off-market takeover offer.

    The Offer price of A$16 per share values Riversdale at approximately A$3.9 billion. The Offer price represents a 46 per cent premium to the one-month volume weighted average price (VWAP) of Riversdale shares to 3 November 2010 and a 24 per cent premium to the one-month VWAP of Riversdale shares to 3 December 2010. The Offer will be financed through Rio Tinto's existing cash reserves and credit facilities, said Rio in a release.  

  • India based Stride Arcolab’s Subsidiary Linkace Investments acquires outstanding shares in Ascent Pharmahealth Ltd for $100 million

    Linkace Investments Pty Ltd is set to acquire outstanding minority shares in Ascent Pharmahealth Ltd, Australia for a total consideration of $100 million. The investment is still subject to regulatory approvals. Linkace Investments Pty Ltd is a wholly owned subsidiary of Stride Arcolab. Under the scheme, Ascent shareholders will receive $0.40 in cash per share.

    The Independent directors of Ascent will commission an Independent Expert's report from KPMG to assess whether the scheme is in the best interests of Ascent shareholders. Ascent sells over 400 products in eight countries. It is one of Australia's and Asia's fastest growing and most dynamic pharmaceutical businesses.

  • Fortis Global Healthcare Holdings to acquire 30 per cent stake in Australia's Dental Corporation

    Fortis Global Healthcare Holdings will acquire 30 per cent stake in Australia's Dental Corporation for about A$100 million. Fortis Global Healthcare Holdings will get nearly 30 per cent stake in Dental Corp, subject to shareholder and regulatory approvals, Fortis Global Healthcare Holdings said in a statement.  

    Fortis Global Healthcare Executive Chairman Malvinder Mohan Singh said Dental Corporation’s model of business partnership with principal dentists is a significant point of differentiation driving the success of the business and its rapid growth, while being the most effective way to manage high performing professionals.

  • Lend Lease enters agreement to acquire 100% of Valemus Australia from Bilfinger Berger SE

    Lend Lease Tuesday announced it has entered into an agreement with Bilfinger Berger SE to acquire 100% of Valemus Australia (Valemus), the parent company of Abigroup, Baulderstone and Conneq, for a purchase price of A$960 million. The Valemus businesses are leading providers of services in the engineering, construction, residential and non residential building, and engineering services markets in Australia.

  • Canadian firm Pure Technologies concludes purchase of Sydney based Aqua Environmental

    Canadian firm Pure Technologies announced the completion of its purchase of Sydney-based Aqua Environmental. The investment was undertaken for a consideration of up to $CAD5.88 million in cash and common stock of Pure. Aqua provides services relating to water main leak detection, water loss management and pipeline condition assessment in Australia and New Zealand.

    According to Pure, the acquisition positions the firm to build on the established expertise and have a presence in the Australian region, which holds significant opportunity. The move comes as the latest in a string of acquisitions for the Canadian company who have also bought up Pressure Pipe Inspection Company and Jasons Consultants.

  • Pan Pacific Hotels Group subsidiary acquires Hilton Melbourne Airport Hotel in Australia

    Pan Pacific Hotels Group announced that its wholly-owned subsidiary, Success City, had agreed to acquire Hilton Melbourne Airport Hotel in Australia. The Pan Pacific subsidiary will part with about $141.6 million for the investment, coming as part of its regional expansion plans.

    Pan Pacific, part of the UOL Group, said it planned to manage the 276-room hotel under its Park Royal brand. The acquisition could, through economies of scale and greater brand awareness, enhance the operating efficiency of its three other hotels in Australia, it said.

  • Fletcher Building Limited proposes to acquire all of the ordinary shares in Crane Group Ltd

    Fletcher Building Limited announced Thursday a proposal to acquire all of the ordinary shares it does not already own in Crane Group Limited. The proposed offer comprises one Fletcher Building share and A$3.43 in cash for each Crane share. The Offer will be made by Fletcher Building (Australia) Pty Limited, a wholly owned subsidiary of Fletcher Building, and is conditional on, among other things, the acquisition of 90 percent of Crane shares.

  • Lanco Infratech Ltd to acquire 100% shares of Griffin Coal Mining Company and Carpenter Mine Management

    Lanco Infratech Ltd., through its step down Australian subsidiary, Lanco Resources Australia Pty Ltd., has concluded a binding agreement with Griffin Energy Group Pty Ltd and Carpenter Mine Management Holdings Pty Ltd to purchase 100% shares of Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd (Griffin Coal).

    Griffin coal, based out of Collie in Western Australia, owns the largest operational thermal coal mines in Western Australia. The mine currently produces over 4 mtpa of coal and can be ramped up to over 15 mpta in the near term, post development of evacuation infrastructure. The mining tenements contain over 1.1 billion tonnes of JORC compliant thermal coal resources.

  • Oprah Winfrey’s visit to Australia is expected to signal increased international interest in the country

    Oprah Winfrey’s visit to Australia is expected to signal increased international interest in Australia in terms of investment opportunities and Tourism. As it is, signs are the trip might spark considerable international interest in the domestic property market, if analysts are to be believed.

    The shooting of the two episodes of her show in Australia is expected to witness increased interest among American property investors in the Australian property market – both residential and commercial. The visit in a way improves America’s overall awareness of Australia, as well as the rest of the world’s, noted analysts.

  • Australian airline Qantas to buy local Western Australia operator Network Aviation

    Australia’s major carrier Qantas is to foray into Western expanse of the country with the purchase of Network Aviation, based in Western Australia. The move takes Qantas into the Australian fly-in-fly-out (FIFO) resources air charter market. The airline firm has reached an agreement for the purchase of local operator Network Aviation.

    Mr. Alan Joyce Qantas Chief Executive Officer said the acquisition stands to offer a strong growth opportunity, new revenue stream and further diversification for the Qantas Group. According to him, the Qantas Group has a very strong presence in Western Australia, operating passenger services across metropolitan and regional centers and connecting the state to its broader domestic and international networks.

  • Fairfax Media Ltd buys Australia and New Zealand focused tendering website TenderLink

    Fairfax Media Ltd reported Monday the purchase of the Australian and New Zealand-focused tendering website TenderLink. According to its release, Fairfax undertook the investment for an estimated $NZ21.6 million ($A16.43 million).

    The diversified media house says TenderLink is the southern hemisphere's largest tender notification provider, with 99 per cent of all publicly advertised tenders from government and the public and private sectors passing through its systems.

  • Australia's government unveils reforms to boost bank competition

    Reuters Sunday reported that Australia's government unveiled reforms to boost bank competition. The move is expected to allow lenders to issue covered bonds for the first time and crack down on interest rate, signaling under a package designed to calm voter anger at rising mortgage interest rates.

    Treasurer Wayne Swan said the reforms aimed to help mutual credit unions and building societies become a fifth pillar of Australia's finance sector, by making it easier for customers to leave the big four banks which currently dominate the home loan market.

  • Singapore based Pacific Andes Resources Development Limited acquires Australia’s Tassal Group Limited

    Singapore based Pacific Andes Resources Development Ltd (PARD) has acquired 19.76 per cent of Australia’s Tassal Group Limited for A$51.7 million (approximately S$67.0 million). Tassal Group Limited is a vertically integrated salmon grower, processor, seller and marketer. The Investment offers platform to gain deeper understanding of a new seafood business with limited and highly protected supply coupled with strong demand, noted the Singaporean firm.

  • International Engineering and Project Management company AMEC purchases majority shareholding in S2V Consulting Pty Ltd

    AMEC Wednesday announced it had bought a majority shareholding in S2V Consulting Pty Ltd, a leading consultancy to the oil and gas industry. The investment is aimed at forming a new partnership with S2V Consulting Pty Ltd in Australia. AMEC is an international engineering and project Management Company.

    The management of S2V Consulting will retain a significant stake in the business, and S2V Consulting will keep its independent brand and specialized service offering.

  • Japanese subsidiary of Itochu Corporation acquires 15 per cent stake in Aston Resources Ltd’s Maules Creek Coal Project

    In an announcement Thursday, ITOCHU Minerals & Energy of Australia Pty Ltd, a subsidiary of Japan’s ITOCHU Corporation and Aston Resources Limited said they had signed an agreement that will see the Japanese firm acquire a 15 per cent stake in the Australian coal miner’s Maules Creek Coal Project. Aston Resources Limited is headquartered in Brisbane, Australia. The two firms have been in talks over the deal for over three months.

    ITOCHU Minerals & Energy of Australia Pty Ltd will acquire a 15 per cent interest in the Maules Creek Coal Project that Aston is developing after successful completion of the exclusive negotiations.

  • Rio Tinto Group in talks with Riversdale Mining Ltd over an A$3.5 billion offer

    Australian mining giant Rio Tinto Group reported it held talks with Riversdale Mining Ltd regarding Rio Tinto’s offer of an A$3.5 billion. Rio's Tinto's A$3.5bn (£2.2bn) offer talks with the African coal producer Riversdale Mining is likely to spark a bidding war for the Australian-listed company.

    Riversdale confirmed Monday that it had received an approach from Rio, the world's third-largest mining group. According to Riversdale Mining, the firm had discussions with Rio Tinto concerning a possible transaction for an indicative consideration of A$15 per share. Riversdale shares surged 16pc to close at A$16.31 in Australian trade, some 9pc above the mooted deal price.

  • Danish engineering group FLSmidth in bid to acquire Essa Australia

    Danish engineering group FLSmidth Monday announced it had launched a friendly bid to acquire Essa Australia Ltd. The investment, if successful, is geared at bolstering its position as a supplier to the mining industry in the country.

    In a statement to the securities exchange, Essa Australia said the offer price is A$0.73 cash per Essa share, subject to any dividend adjustment, adding that it had agreed to be bought and that the offer was recommended by its board.

  • ESCO Corporation acquires all of the issued and outstanding shares of Austcast Pty Ltd in Brisbane

    ESCO Corporation reported it had acquired all of the issued and outstanding shares of Austcast Pty Ltd in Brisbane, Australia, and its subsidiary Newlcast in Dunedin, New Zealand. ESCO Corporation is a leading global provider of wear-parts and attachments for the mining and construction industries. The acquisition of these two foundries strengthens ESCO’s product offerings and expansion efforts in Australia by providing local foundry capacity.

  • Canadian firm Agrium Inc. successfully completes acquisition of Australia’s AWB Ltd

    Canadian firm Agrium Inc. Friday said it has successfully completed its acquisition of AWB Limited (AWB) at a price of A$1.50 per share in cash (purchase price of A$1.236-billion) as agreed to in the Scheme of Arrangement, including the A$0.15 per share franked dividend paid on November 30, 2010.

    Mike Wilson, Agrium Chief Executive Officer and President said he was excited about the opportunity to merge AWB's strong market presence and extensive experience with Agrium's international crop input sourcing capabilities, with a view to further enhancing product and service offerings to Australian and New Zealand customers.

  • Spain’s Ebro Foods acquires Australia’s Ricegrowers Ltd trading as SunRice

    Spain’s Ebro Foods announced Wednesday it had gone into an agreement with Australia’s Ricegrowers Ltd, trading as SunRice. In its release, Ebro Foods said that further to the announcement of 20 October 2010, Ebro Foods had entered into a Scheme Implementation Agreement with Ricegrowers Limited, trading as SunRice.

    Under the binding terms and conditions of the Scheme Implementation Agreement, Ebro Foods would acquire 100% of the capital of SunRice on the basis of an Enterprise Value of approximately A$600 million (€440 million).  

  • US based data center reseller and hosting provider to facebook, Digital Realty Trust to spend $350 million on a data centre in Sydney

    US based data center reseller and hosting provider to facebook, Digital Realty is to spend $350 million on a data center in Australia. Digital Realty Trust is to set up a flag in Sydney for 2011 where it plans to spend $350 million on a data centre. Digital Realty has partnered with Macquarie Capital to bid for the NSW government's data centre consolidation project.

    Digital Realty Trust Asia-Pacific chief Kris Kumar said the firm has ambitious plans for regional growth, adding that the firm would like to see 10 per cent of global revenue coming from Asia-Pacific in the next few years.  

  • UK based defense firm BAE Systems announces definitive agreement to acquire Australia’s stratsec.net Pty Ltd

    UK based defense firm BAE Systems announced it had gone into definitive agreement to acquire stratsec.net Pty Ltd, an information security company in the Australian and South East Asian region. BAE Australia's information security division will embed itself within Stratsec following the $24 million acquisition of the Sydney security consultancy.

    Nick Ellsmore, Stratsec chief technology officer said the investment was central to BAE's stated ambition to become a global player in protecting critical infrastructure from malicious attack and hardening it from human error. He was speaking on the sidelines of an AISA Conference in Sydney Tuesday.

  • Diploma Group Limited acquires site for its new residential project in Perth's business district

    Diploma Group Ltd announced Monday it had acquired the site for its latest residential project. Diploma reiterated the site will be located in Perth’s business district at Adelaide Terrace. The site is an 872 square meter property is an addition to the company's presence in the area after having already finished developing high rise residential towers.

    The proposed high-rise residential development is slated to build 70 units of one to two bedroom apartments spread out in 20 floors and costing US$60 million. The construction period will take two years with a scheduled completion date in 2014. It will also include scenic views of the Swan River estuary.