☕️Botched Bid

Good morning.

Between candid Cannaccord IB boss snapped with a plate to selling roughly half of your nation’s total electricity consumption in an hourly auction, there is always a spectrum on the ‘yeah that was an error’ scale.

Swedish power trader, Kinect Energy Sweden AB, behind a major collapse in Finland’s electricity market in 2023 is facing a EUR9.25 million ($15.09 million) fine over a botched bid, Bloomberg reports.

The company mistakenly offered to sell the equivalent of roughly half of Finland’s total consumption in an hourly auction, and later had to trade in the market to correct its position, with Finland’s Energy Authority ruling on Monday the company “acted negligently,” breaching rules against market manipulation.

On the upside, some Finns scored a full day of free electricity because of the fiasco.

🏆 LOI Subscriber #TBD

Market movers

Shares in toll road operator Atlas Arteria surged over 13% on Monday after IFM Investors, already a 35% investor in the company, launched an unsolicited $7 billion takeover offer at $4.75 per security, with the bid set to rise to $5.10 if acceptances push IFM's stake above 45%. An independent board committee has been formed to consider the offer.

The quick sync

• Rest CIO pushes for looser super performance benchmarks ahead of Chalmers' long-awaited test review. (Capital Brief)

• Super sector factions clash over who pays to protect Australia's $4.5 trillion in retirement savings. (Capital Brief)

• A third of Australian ransomware victims paid up last year and nearly half got nothing back, new research shows. (Capital Brief)

• The RBA looks set to hike rates in May as war-driven inflation surges, with economists warning the worst is yet to come. (Capital Brief)

Trading floor

M&A

• Warner Bros. shareholders approve a Paramount–Skydance acquisition. (Capital Brief)

• Porsche sells its stake in Bugatti, reshaping luxury auto ownership. (Bloomberg)

• Microsoft offers buyouts to thousands of US staff, signaling restructuring. (Capital Brief)

• Meta signs a multi-billion-dollar AI chip deal with Amazon, deepening AI infrastructure competition. (Bloomberg)

• Credit Corp may reconsider ties with Humm Group. (Capital Brief)

• SLB is expected to acquire S&P Global’s subsurface software unit. (Bloomberg)

• Stellantis partners with Dongfeng Motor to manufacture Peugeot cars in China. (Bloomberg)

• Meta blocked by China from acquiring AI startup Manus. (Capital Brief)

• Danone is now the leading, and possibly only, bidder for Made Group. (The Australian)

• Shell acquires ARC Resources in a USD13.6b deal. (Capital Brief)

• European Lithium is poised for a $1.96b takeover bid from Critical Metals Corp. (AFR)

• Pepper Money is targeting HSBC’s loan servicing rights while Blackstone eyes the loan portfolio. (The Australian)

• Oracle signs a $2.3b deal with Australian data centre builder Datapod, expanding cloud infrastructure. (AFR)

• Eli Lilly acquires Ajax Therapeutics for up to USD2.3b to expand cancer drug pipeline. (Bloomberg)

• OpenAI ended exclusivity with Microsoft and capped revenue-sharing to expand across cloud providers. (Capital Brief)

Capital Markets

• Sensitive medical data of 500,000 people is being sold, highlighting a major cybersecurity breach. (Capital Brief)

• BP faces a shareholder revolt over climate transparency, weakening leadership. (Capital Brief)

• Eli Lilly refuses to list Mounjaro on Australia’s PBS due to pricing disputes. (AFR)

• L1 Capital plans a $950m IPO. (Capital Brief)

• Procter & Gamble beats expectations but flags USD150m in commodity cost pressures. (Bloomberg)

• Woolworths Group admits some promotions breach ACCC guidelines. (AFR)

• Fortescue invests $953m in green energy expansion. (Capital Brief)

• NextDC raises $750m in debt funding. (Capital Brief)

• L'Oréal chairman criticises Coty for lacking a viable business model. (Reuters)

• EVT shares dropped as conflict-driven cancellations signal weaker demand despite steady guidance. (Capital Brief)

• BHP adopts a yuan-based pricing index for Chinese iron ore sales. (AFR)

• Newmont reports a 96% earnings surge. (Capital Brief)

• Chick-fil-A issues USD650m in private investment-grade debt. (Bloomberg)

• IGO shares dropped after missing Q3 expectations and cutting production guidance. (Capital Brief)

• DeepSeek fails to significantly close the AI gap with US rivals. (Bloomberg)

• Takeovers Panel flags serious governance concerns at Humm Group. (Capital Brief)

• PLS revenue surged 52% on higher lithium prices and stronger production. (Capital Brief)

• Nvidia hits a new record high amid strong AI chip demand. (Bloomberg)

• Commonwealth Bank deployed an AI agent to combat fraud and reduce scam losses. (Capital Brief)

• Elon Musk drops fraud claims against OpenAI before trial, easing legal tensions. (Bloomberg)

• Suncorp gains from new reinsurance deal. (Capital Brief)

• Nuno Matos is pushing a cultural reset at ANZ focused on accountability. (Capital Brief)

• Cybercrime economy grows, with many victims paying ransoms without recovery. (Capital Brief)

• Bitcoin shows a stealth rally with traders targeting USD80,000, signalling renewed bullish sentiment. (Bloomberg)

• Reserve Bank of Australia may raise rates amid war-driven inflation. (Capital Brief)

• DeepSeek delays its V4 model, reflecting a shift toward China-based chip dependence. (Bloomberg)

• Future Secure raises $200m in funding and targets a $1b+ IPO, signaling strong investor appetite. (AFR)

• Megaport’s subsidiary won a $35m contract, supporting growth and recurring revenue. (Capital Brief)

• Emirates NBD plans the Middle East’s first AT1 bond issuance since the war period, reopening risk markets. (Bloomberg)

• Google and Meta shift $11b offshore despite strong Australian revenue growth. (AFR)

• Hawkeye 360 targets a USD2.4b IPO valuation in the US, highlighting space-tech momentum. (Reuters)

• Origin Energy reports lower LNG output and revenue. (Capital Brief)

• Generation Development Group disclosed a contained cyber incident at Generation Life with no system or transaction impact. (Capital Brief)

• X moves toward becoming a “super app” with banking features. (Bloomberg)

• Atlas Arteria halts trading after $7b takeover bid. (Capital Brief)

• IPO hopefuls Skinkandy and Blackbull Markets move ahead with listing plans via NDRS platform. (AFR)

• Oceana Lithium, backed by Bellevue Gold founders, explores a Brazilian rare earths mining project. (AFR)

• HSBC says Australia is poorly placed to handle a Middle East-driven inflation shock due to already tight economic conditions. (Capital Brief)

• Swatch Group faces an investor activism battle backed by ISS. (Bloomberg)

• Toyota sees sales decline amid geopolitical uncertainty linked to Iran tensions. (Bloomberg)

• Whyalla Steelworks undergoes a five-week shutdown, disrupting construction supply chains. (AFR)

• Money3 fined $1.55m after ASIC action. (Capital Brief)

• David Jones extended its debt, easing short-term pressure but leaving financial concerns. (The Australian)

• KPMG finds almost half of mid-market CEOs expect no growth in 2026 due to rising costs and economic pressure. (Capital Brief)

• Vinted reached an EUR8b valuation in an oversubscribed EQT-led share sale. (Capital Brief)

• SkinKandy has started IPO investor talks, with valuation expectations in focus. (The Australian)

• Meta is pursuing space-based solar and storage partnerships to power AI data centres by 2030. (Capital Brief)

• The Coalition proposes an $800m plan to double Australia’s fuel reserves and storage capacity. (Capital Brief)

• Rest’s CIO wants more flexibility in super rules as Jim Chalmers reviews performance tests. (Capital Brief)

• Stonepeak, Bernhard said to near USD6b deal for Cleco Power with Macquarie consortium. (Bloomberg)

• Sawe's marathon record boosts Adidas in 'supershoe' race with Nike. (Reuters)

• Private credit boom turns fund finance into USD1 trillion market. (Bloomberg)

• Ackman’s Pershing Square IPO expected to raise USD5b. (Bloomberg)

• India, New Zealand sign ‘once-in-a-generation’ trade deal. (Bloomberg)

VC 

• Rent platform 2Apply faces privacy breach allegations over excessive data collection pressure. (Startup Daily)

• Sequoia and Nvidia backed AI startup Ineffable Intelligence at a USD5.1b valuation. (Bloomberg)

• Meta partners with a space startup Overview Energy to develop solar-powered data centres in orbit. (Reuters)

People moves

• Former NRMA chief Rohan Lund becomes CEO of merged Southern Cross Media. (AFR)

• Ryman Healthcare appoints Hamish Rumbold as its new director. (Capital Brief)

• Glass Lewis backs a Humm board shake-up after governance concerns were raised. (Capital Brief)

• Melbourne accountant Qi Gao, also known as Andy Gao, is arrested for alleged involvement in a major fraud ring. (AFR)

• KPMG and Ernst & Young demote partners, signaling the end of “job-for-life” career stability. (AFR)

• Mining executive Chris Ellison is involved in a legal dispute over Pilbara port operations heading to trial. (AFR)

The watercooler