☕️ ASEAN startup shift

Good morning.

Nicholas Moore is pushing Aussie startups to look at Southeast Asia instead of the US or UK. He told Capital Brief’s Finn McHugh that it’s all about tapping into ASEAN’s booming digital economy, with landing pads in Jakarta and Ho Chi Minh. And he’s not worried about corruption either – says it’s all “black and white.”

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Market movers

Arcadium Lithium shares soared 38.75% on the ASX as Rio Tinto’s $9.9 billion squeaky clean bid looks set to win shareholder backing. Shares in New York closed slightly lower at US$5.53 each, just short of the US$5.85 offer price.

Rio’s shares on the ASX also closed 1.38% higher on Thursday, though more likely tied to rising iron ore prices.

The quick sync

• AGL and Engie harness virtual power plants to fast-track Australia's shift from coal. (Capital Brief)

• HSBC’s new CEO Georges Elhedery to axe senior bankers in US$300m cost-cutting push. (Capital Brief)

• TD Bank's US expansion stalls after US$3b money laundering penalty and asset cap, slashing shares. (Capital Brief)

• Pfizer allegedly pressured ex-execs to back CEO Albert Bourla as Starboard Value pushes for change. (WSJ)

• Deel’s co-founder Alex Bouaziz on how acquisitions fuel the $12b HR tech giant's growth and key lessons on navigating M&A success. (Capital Brief)

Trading floor

M&A

• Unimarket and VendorPanel have merged to deliver a comprehensive source-to-pay procurement solution. (Capital Brief)

• Navis Capital plans a $1bn exit from Device Technologies, its largest Australian deal, while seeking investment banks for advisory roles ahead of a billion-dollar fundraise in 2025. (AFR)

• David Di Pilla plans to acquire $2bn in data centre assets through HMC Capital (The Australian)

• Apiam Animal Health has emerged as a potential takeover target in the active veterinary sector, following the rejection of a recent bid. (BNA)

• AMP Capital has returned $1.1bn to shareholders and may shift focus to mergers and acquisitions, possibly considering an asset swap with Westpac. (The Australian)

• New merger law changes granting the ACCC power to scrutinize minor share purchases have raised concerns among competition lawyers about conflicting goals of a faster merger process. (AFR)

Capital Markets

• De Grey Mining will secure a 50% JV interest in Novo Resources' Egina gold project after additional investment. (Capital Brief)

• Coex Capital secures $200m in funding through a mix of bank loans, mezzanine debt, and equity. (AFR)

• Santos' Darwin LNG plant secures financing for life extension works starting in 2025. (Capital Brief)

• David Jones secures $190m refinancing, bringing in Nomura and Gordon Brothers to replace Soul Patts and Hilco as lenders. (AFR)

• Altice offers creditors up to a 15% equity stake in exchange for a debt haircut. (Bloomberg)

• Bailador invests an extra $5m into Dash Technology Group to support its acquisition plans. (Startup Daily)

• The Golden Plains wind farm near Geelong, the southern hemisphere's largest, has begun generating power, with IKEA's subsidiary holding a 15% stake in its second phase. (AFR)

VC

• Seven startups will split $11.7m in investment through the University of Melbourne's program to support ventures linked to the university and its research partners. (Capital Brief)

• Alphabet’s CapitalG backs Farther Finance as it raises US$72m to challenge roboadvisers, streamlining wealth management with $5b in assets. (Bloomberg)

• Atelier, a Sydney-based manufacturing platform, has raised $10m in Series A funding led by Macquarie Capital, with notable investors including Daniel Attia and Geoff Tarrant. (AFR)

• Sequoia backs German drone startup Stark Defense with €14m as defense tech surges post-Ukraine invasion. (Bloomberg)

People moves

• Australian Vintage has reappointed Craig Garvin as CEO, despite ending his contract earlier in May 2024. (Capital Brief)

• Ex-UBS CEO Ralph Hamers joins AI-driven Arta Finance as senior adviser, aligning with ex-Google execs to bring family office investing to the masses. (Bloomberg)

• Digby Gilmour will join Argonaut as co-head of institutional sales, leaving Canaccord Genuity. (AFR)

• Deputy Prime Minister Richard Marles' chief of staff accuses him of bullying, claiming he forced her out of her role, while Marles serves as Acting Prime Minister. (Capital Brief)

The watercooler