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☕️ Goldman’s gap
Jefferies’ rumoured 2x2 deal to spark analyst poaching season
Good morning.
Jefferies' bold poaching of Goldman Sachs’ top banking analyst Andrew Lyons, reportedly on a “2x2” deal ($2 million per year for two years), has the Street buzzing. Capital Brief’s Andrew Cornell reports that deal is still modest next to the rumoured “3x3” package that lured Lyons’ ex-Goldman colleague and former GS head of equities Mario Argyrides in April.
As Cornell points out, the world of banking analysts is tight-knit, insular and still almost exclusively male. With Goldman now scrambling to replace Lyons, expect the expensive analyst poaching shuffle to kick off—unless the bank brings in someone from overseas.
ASX as at market close. Commodities and crypto in USD.
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Market movers
Paladin Energy’s shares tumbled after doubts emerged over its Fission Uranium acquisition amid Canada’s national security review. The company told the market on Monday there could be no certainty that it will receive the required approvals to complete the deal, souring investor sentiment.
The quick sync
Matt Stanton extends lead to replace Sneesby as Nine CEO, as Foxtel's Patrick Delany enters the race. (Capital Brief)
IBM warns Australia that new AI laws or regulators may backfire, suggesting current frameworks can already tackle emerging AI issues. (Capital Brief)
Maurice Blackburn CEO Jacob Varghese backs litigation funding as a vital asset class enabling Australians to access justice. (Capital Brief)
Mineral Resources shares rise as it tackles “inconsistencies” in founder Chris Ellison’s alleged tax evasion case with a planned response by 4 Nov. (Capital Brief) (AFR)
James Packer nets $120m dividend from his tech-heavy investment firm, Consolidated Press Holdings, driven by strong bets on Nvidia and Meta. (AFR)
Tech Council of Australia faces backlash as members criticise slow handling of billionaire Richard White's scandal, rebranding it a ‘billionaires' lunch club’. (AFR)
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Trading floor
M&A
Ex-Goldman Sachs leaders McMurdo and Walsh have partnered with New York's BDT & MSD Partners to boost their private credit efforts at Privatus Capital Partners. (AFR)
Tennant Minerals is partnering with Emmerson Resources and CuFe Ltd to jointly develop their copper-gold projects in Tennant Creek, exploring a shared mining facility and required infrastructure. (SMH)
Myer plans to finalize a $1bn merger with Solomon Lew's Premier Investments, granting Lew a 30% stake and a board seat in the new entity. (AFR)
Bidders for Anglo American’s Queensland coal assets are unclear about the Grosvenor mine's status as the company prepares to receive binding offers in two weeks. (AFR)
Auric Mining and BML Ventures have signed a toll milling deal to process an extra 120,000 tonnes of ore from the Jeffreys Find gold mine. (SMH)
Paladin Energy’s acquisition of Fission Uranium faces approval uncertainty, while operational issues at Langer Heinrich Mine impacted production; improvements are underway. (Capital Brief)
Metcash extends its Drakes supply deal but faces lower profits due to soft sales and margin pressures in hardware. (Capital Brief)
ANZ will report an after-tax charge for accounting adjustments related to its Suncorp Bank acquisition, with no impact on purchase price or value. (Capital Brief)
Arthur J. Gallagher & Co has acquired Sydney's Via Financial Group, enhancing its global insurance and consulting services portfolio. (BNA)
Capital Markets
Boeing raises $19bn to counter cash flow losses from a strike affecting 737 Max production and to protect its credit rating. (Capital Brief)
Raiz Invest has exceeded $1.5bn in funds under management, achieving nearly 32% annual growth, boosted by stock market performance and AI-driven marketing. (SMH)
Star Entertainment CEO Steve McCann aims to raise $150m from institutional and strategic investors by Christmas to secure more funding. (The Australian)
Mosaic Brands enters administration with FTI Consulting after restructuring talks failed, with KPMG overseeing lender interests. (Capital Brief)
Cuscal targets a $479.1m IPO and is valued at up to $656m by Bank of America after a previous failed attempt. (AFR)
ASX shareholders reject remuneration report due to dissatisfaction with its transformation project and CHESS program issues. (Capital Brief)
VC
Untether AI debuts 240 Slim chip, optimized for energy-efficient AI applications, with Mercedes-Benz partnership for autonomous vehicles. (Capital Brief)
LaunchVic has introduced grant rounds worth up to $1.5m to support local accelerator programs and investor education initiatives. (Startup Daily)
Earthodic raises $6.1m to advance bio-based coatings for circular paper production. (Capital Brief)
People moves
Matt Stanton is emerging as the leading candidate for Nine Entertainment CEO, despite competition from Foxtel's Patrick Delany. (Capital Brief)
Mineral Resources chairman James McClements is meeting with east coast shareholders amid a scandal involving founder Chris Ellison. (The Australian)
Volkswagen’s restructuring plan includes factory closures, layoffs, and pay cuts to manage costs and competition, drawing union pushback and potential strikes. (Capital Brief)
☝️ Know about a deal or people move we don’t? Hit reply.