☕️ BHP-Anglo reloaded

Good morning.

Bloomberg broke overnight that BHP’s taken another swing at Anglo, pitching a cleaner, part-cash deal to break up the Anglo-Teck merger before the 9 December vote. It’s not officially public yet, but apparently Anglo’s been notified and the structure this time is less convoluted than last year’s failed USD49 billion ($74.9 billion) play.

There’s a break fee of course, but the timing is sharp. Anglo has now offloaded platinum and is prepping exits from coal and diamonds, making it a far tighter copper story and exactly what BHP’s after. Good luck!

🏆 LOI Subscriber #TBD

Market movers

Shares in jewellery retailer Lovisa sank on Friday after the company reported a slowdown in like-for-like sales growth to 3.5% for the first 20 weeks of FY26. That was below market expectations, despite a 26% rise in total sales driven by global store expansion.

The quick sync

• CBA follows Macquarie in curbing trust lending amid growing concern over risky borrowing. (Capital Brief)

• Australia’s first full monthly CPI is due, but economists see little chance it alters the RBA’s next move. (Capital Brief)

• Labor turns to Greens to pass streaming quotas amid rising US opposition. (Capital Brief)

• Labor is seeking business support to secure enduring reforms and position itself as the long-term party of government. (Capital Brief)

• Stephen Gageler says First Nations justice remains a critical legal challenge despite the Voice referendum loss. (Capital Brief)

Trading floor

M&A

• DMGT is buying The Telegraph for GBP500m, creating a powerful combined right-leaning media group. (AFR) (FT)

• BGH targets Webjet mainly for its cash, planning a leveraged buyout. (The Australian)

• Ontario Teachers’ is selling its Sydney Desal stake to Morrison, giving Morrison full ownership. (AFR)

• Chalmers blocked Cosette’s $600m Mayne bid on national interest grounds, defying rulings that supported conditional approval. (Capital Brief)

• Livingbridge is seeking a buyer for Everlight Radiology with Morgan Stanley and Allier running the sale. (AFR)

• BOQ is selling its $3.8b equipment finance portfolio, with bids due pre-Christmas. (The Australian)

• A PE firm is targeting weakened Monash IVF after its embryo mix-up scandals hurt its share price. (AFR)

• Agnico Eagle is eyeing $36b Northern Star but a deal depends on Hemi project value and capex needs. (The Australian)

• Rio Tinto seeks a buyer for its non-core mineral sands and borates to fund debt and capex. (The Australian)

Capital Markets

• Pay.com.au raised $53m, lifting its valuation to $630m and prompting ASX listing plans. (AFR)

• Bill Ackman is exploring a 2026 IPO for Pershing Square Capital. (AFR)

• ASIC hits $311m in fines as Longo’s exit nears. (AFR)

• The ACCC investigates Domino’s over franchisee disputes tied to its overseas expansion losses. (AFR)

• CBA and Macquarie are restricting trust-based property lending due to growing concerns over risky, unsustainable investor borrowing. (Capital Brief)

• EnergyAustralia will turn Yallourn coal plant into a $5b+ low-carbon energy hub. (AFR)

• Morse Micro is raising $32m ahead of a planned ASX listing in the next 12–18 months. (AFR)

• Dreame’s Matrix10 Ultra robovac boosts suction and climbing, making it a top-rated AI-infused vacuum. (AFR)

• PE firms flood junk debt market to pay themselves (Bloomberg)

VC 

• Regulatory hurdles are limiting super funds’ venture capital exposure by $54b, new research claims. (Capital Brief)

People moves

• Miles Wadley is leaving Freehills to lead project finance at Baker McKenzie. (AFR)

• Two senior executives have resigned from Bapcor as the company battles share losses and competition. (AFR)

The watercooler