☕️ Amcor’s Berry bet

Good morning.

Amcor will acquire US-based Berry Global in an all-stock deal valued at US$8.4 billion ($13 billion), marking the largest acquisition in its history.

Subject to regulatory and shareholder approval, the mega-merger positions Amcor to dominate the global consumer and healthcare packaging markets, creating a powerhouse with 400 production sites and 75,000 employees. Amcor shareholders will control 63% of the combined entity, which aims to capture US$650 million in synergies within three years.

On the analyst call, scepticism was palpable, with reminders of the underwhelming impact of Amcor’s US$6.8 billion Bemis deal in 2019. However, CEO Peter Konieczny, at the helm since September, assured there’s minimal overlap this time around and hinted at “further opportunities” to refine the portfolio and “shed businesses”.

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Market movers

Technology One’s shares soared on Tuesday, topping the ASX 200 and adding to their 85% rise this year after the enterprise software firm reported a 15% boost in full-year profit.

The quick sync

• Hesta backs a push to end News Corp's dual-class share structure, adding pressure on the Murdoch family's control ahead of a crucial shareholder vote. (Capital Brief)

• Linktree founder Alex Zaccaria reveals how his people-pleasing tendencies during the company's 2020 fundraising led to decision paralysis but taught him the importance of confident leadership and decisive action. (Capital Brief)

• White & Case targets premium, strategic work in APAC, leveraging US capital's influence to navigate shifting market dynamics and energy transition growth. (Capital Brief)

• ASIC and APRA have warned super fund executives of potential pay cuts over governance failures, amid APRA scrutiny of Cbus’ appointments of CFMEU-linked directors.(AFR)(Capital Brief)

• Options traders brace for a potential US$292b swing in Nvidia’s market cap post-earnings, as the chipmaker’s results are poised to influence AI-driven market trends. (Reuters)

• Jim Chalmers to unveil plan to reform the superannuation retirement phase, boosting guidance, product innovation, best practices and transparency to support retirees. (Capital Brief)

Trading floor

M&A

• Hesta has joined other investors in supporting a proposal to dilute the Murdoch family's control over News Corp. (Capital Brief)

• White & Case expands in Asia-Pacific to attract US capital clients. (Capital Brief)

• The owners of Queensland's Ravenswood gold mine are putting it up for sale, aiming for a valuation of over $1bn. (AFR)

• Online classified market heats up with potential deals. (The Australian)

• Charter Hall and Hostplus have extended their takeover bid for Hotel Property Investments and are calling for an independent valuation to sway more investors. (AFR)

• Australian lithium miners Sayona and Piedmont Lithium have agreed to merge. (Capital Brief)

• The US Justice Department is considering forcing Google to sell its Chrome browser due to antitrust concerns. (AFR)

• Doug Rathbone, a prominent figure in the Australian agricultural industry, will benefit from the acquisition of Delta Agribusiness by Elders. (AFR)

• Bigtincan is considering a merger with Investcorp AI Acquisition Corp. to list on the Nasdaq. (Capital Brief)

• PEXA is considering acquiring Canadian financial software company Dye & Durham for approximately $1.2bn to expand its operations into the UK market. (AFR)

• Newmont has sold its Musselwhite operation in Canada to Orla Mining as part of a larger divestment strategy. (Capital Brief)

• Adamantem Capital is in exclusive talks to acquire Close the Loop, an Australian recycling company. (AFR)

• Quantum Brilliance has sold its room-temperature quantum accelerator to a German research institute, Fraunhofer IAF. (Capital Brief)

• Karmo acquires Motopool to lead Australian car subscriptions. (BNA)

• Sony is in talks to buy media powerhouse behind 'Elden Ring' (Reuters)

• Blackstone strikes deal to buy Jersey Mike's Subs sandwich chain. (Reuters)

Capital Markets

• Regal Investment Fund is raising $95m to capitalize on opportunities in small-cap stocks and the water sector. (AFR)

• Cuscal is planning to raise $336.8m through an IPO to fund its growth and expansion. (AFR)

• Merino & Co has significantly increased its manufacturing capacity after its recent IPO. (BNA)

• Super Micro surges as AI server maker hires BDO USA as new auditor, seeking filing extension. (Reuters)

VC

• Australia's Labor government has made its first investment from the National Reconstruction Fund (NRF) into a Queensland-based mining equipment manufacturer, Russell Mineral Equipment. (Capital Brief)

People moves

• Canva has hired a new CFO, Kelly Steckelberg, formerly of Zoom. (Capital Brief)

• AI expert Dr. Michelle Perugini has been appointed as the new Head of Commercialisation at the University of South Australia. (Startup Daily)

The watercooler