☕ The Aussie touch

Good morning. A last note on the Adani situation for the week. Last night the Aussie-listed investment firm GQG Partners revealed they tipped in about US$1.9bn into the Adani suite of companies putting in:

Good morning. There was an Aussie touch to the latest news coming from the Adani situation overnight. The Aussie-listed investment firm GQG Partners revealed they tipped in about US$1.9bn into the Adani suite of companies putting in:

  • US$660mn in Adani Enterprises;

  • US$640mn in Adani Ports and Special Economic Zone;

  • US$230mn in Adani Transmission; and

  • US$340mn in Adani Green Energy.

That's all. Enjoy the weekend ✌

ps. if this was fowarded to you, sign up here > letterofintent.com.au 

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: Ain't no stopping the Magellan fall, with the company floating around 10-year lows.

Per the AFR, they're now even coming into the sights of Wilson Asset Management, whose Chairman said it's "the type of thing we get involved in". Wilson doesn't own any stock yet, but the setup as a depressed, struggling fundie definitely fits their investment wheelhouse.

THE QUICK SYNC

  • China’s factory output smashes forecasts with decade-high growth. (ALJ)

  • Australia slips down the global soft power rankings to #14; sitting behind Russia. (SMH)

  • US seeks allies' backing for possible China sanctions over Ukraine war. (Reuters)

  • FTX’s Nishad Singh, once an honors student, turned to crypto crime. (WSJ paywalled or BBC for news article)

  • Bain's Private Equity outlook report in 2023. (Bain)

  • Everything Elon Musk and execs shared (and skipped) at Tesla Investor Day. (Techcrunch)

TRADING FLOOR

M&A:

  • Platinum Equity is in final stage talks to acquire Jeld-Wen Australasia. (AFR)

  • Onsite Rental Group has sold for $635m to Malaysia’s Sime Darby Berhad. (AFR)

  • KordaMentha brought forward indicative bids for Scott’s Refrigerated and is not waiting for a new suitor to show up. (AFR)

    • Suitors for Scott’s Refrigerated Logistics face a regulatory hurdle. (The Australian)

  • BHP and OZ Minerals looks set to close without a hitch as scheme docs come together. (AFR)

  • Macquarie is eyeing a $8.9 bn takeover bid of UK fund manager M&G. (AFR)

  • Blackstone leads the lenders pushing for GenesisCare deal. (The Australian)

  • Indonesia’s wealthy Widjaja family is suggested to be keen on coal miners and contractors as well. (The Australian)

Capital Markets:

  • Talon Energy launched a $12m placement for its Walyering gas project. (AFR)

  • AMA Group is planning to refinance its debt in the coming months. (The Australian)

  • Contemporary Amperex Technology sells its Pilbara Minerals stake for $601m. (AFR | AFR)

VC:

  • None

Others:

  • Mark Chudek is set to re-join Affinity Equity Partners after two years with Quadrant. (AFR)

  • Nine Entertainment Co chairman has had Spencer Stuart help re-stock its board. (AFR)

  • PwC’s Rob Silverwood sees a period of opportunity for cashed-up private equity firms. (AFR)

TOGETHER WITH ALLIANCE ADVISORS

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THE WATERCOOLER

THE TRADE

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