☕️Behind Bars

Good morning.

The Great Lock In may be trending on TikTok, but the Great Lock Up is well underway in Victoria, with the mysterious USD360 billion ($546.8 billion) data mining firm Palantir seemingly finding favour with the state’s Department of Justice and Community.

Capital Brief reports that the Department has been seeking prospects experienced with Palantir’s software, indicating the department has revived its relationship with the polarising defence contractor.

Corrections Victoria, which runs the state's prison system, previously paid the Peter Thiel-founded company $10.9 million for a data intelligence system between the beginning of 2013 and the end of 2020.

🏆 LOI Subscriber #TBD

Market movers

Shares in South Australian pharmaceutical company Mayne Pharma tumbled almost 15% as its contested $672 million takeover by Cosette Pharmaceuticals unravelled further. The companies are at odds over alleged FIRB disclosures and the future of Mayne’s Adelaide factory, with the dispute now bound for the Supreme Court.

The quick sync

• Backed by Google’s AI fund, Freckle lands $6.1m to fix broken CRMs and take a swing at bloated US data giants. (Capital Brief)

• Atlassian is betting big on a browser no one uses yet to avoid being steamrolled by AI giants. (Capital Brief)

• High Court showdown in Katy Perry trademark battle could reshape how celebrity brands are protected. (Capital Brief)

• Murdochs reach deal to resolve succession fight, Lachlan cements control. (NYT)(Reuters)

Trading floor

M&A

• Mayne Pharma denies takeover by Cosette threatens its Adelaide facility. (Capital Brief)

• Regis Resources hints at continued interest in Tropicana stake. (AFR)

• MIXI secures control of PointsBet, blocking Betr from board influence or collaboration. (Capital Brief)

• Wagner family sells shares for $35m amid company raising. (AFR)

• Elanor rejects Lederer’s bid, calling it undervalued and lacking detail. (Capital Brief)

• Brookfield nears $2b acquisition of NZ energy distributor Clarus. (AFR)

• Scape leads Keyton stake bid, but faces shareholder resistance. (The Australian)

• PM Capital founder Paul Moore sells $60m stake in fund. (AFR)

• SpaceX buys EchoStar spectrum licences in $17b deal. (Capital Brief)

• BHP taps banks to sell Nickel West, may split assets. (The Australian)

• PNC buys FirstBank for $4.1b to expand in Colorado and Arizona. (Capital Brief)

Capital Markets

• Woolworths and Coles face hundreds of millions in new costs after an underpayment ruling. (Capital Brief)

• Tabcorp and ex-CEO Adam Rytenskild are nearing a settlement over his controversial March 2024 sacking. (AFR)

• CEFC and La Caisse launch $250m carbon credit platform with Rio Tinto as first buyer. (Capital Brief)

• Alpine Capital launches raisings for EV Resources and ABX. (AFR)

• Woodside shares drop as OPEC+ plans oil output increase. (Capital Brief)

• Qantas lifts points needed for Classic Plus Rewards redemptions. (AFR)

• Cobram Estate halts trading ahead of capital raise. (Capital Brief)

• ASX 200 reshuffle hits Smartgroup, PolyNovo, Amotiv; Droneshield gains. (Capital Brief)

• Sovereign Australia AI launches with $10m plan for local AI alternative. (AFR)

• ANZ shuts down Cashrewards after underperformance. (Capital Brief)

• Dubber grows revenue but faces contract loss, impairments, and litigation. (Capital Brief)

• Macquarie to open Saudi office, partner with PIF on infrastructure and energy. (Capital Brief)

• Tesla’s US EV share hits 8-year low as rivals gain ground. (Capital Brief)

VC 

• Melbourne’s Freckle raises $6.1m to grow data enrichment platform. (Capital Brief)

• Grace Brown’s Melbourne-based start-up Andromeda hits $100m value after raising $23m in Series A funding. (AFR)

People moves

• Treasury Wine Estates appointed ex-NZX CEO and winery owner Mark Weldon to its board. (Capital Brief)

• Iress hires Barrenjoey amid takeover interest; Andrew Russell named new CEO. (The Australian)

• UBS hires JPMorgan’s deputy head of Australian research David Low. (AFR)

• ANZ risk team cuts spark fears of regulatory breaches. (Capital Brief)

• KPMG names Brad Miller as new head of consulting division. (AFR)

The watercooler