☕️ Platinum pursuit

Good morning.

Geoff Wilson is pondering a possible play for Platinum Asset Management in the wake of Regal Partners’ opportunistic bid offering a 10% premium for the embattled firm.

As Jack Derwin reports, competition for the Kerr Neilson-founded global equities manager is hearing up. Wilson told Derwin his firm, Wilson Asset Management, is “assessing” the opportunity. Meantime, Challenger Group, previously rejected by Platinum, also lurks in the background.

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Market movers

Sims’ shares jumped Thursday following stronger North American earnings that offset weaker results in Australia and New Zealand. North America is projected to deliver $29 million in EBIT, while ANZ is stuck at $13 million, dragging overall performance.

Analysts warned market challenges will persist, but investors seemed keen on a Fed-cut-driven bargain.

The quick sync

• Macquarie hit with $117m bill to settle SEC’s fraud charge accusing it of “taking advantage of retail” clients. (Capital Brief)

• Scarcity, the investment group run by four ex-Pinnacle execs, has closed its second ever investment, buying up a minority stake in non-bank funder Dinimus. (Capital Brief)

• Private equity is doing badly— however you measure it. (FT)

• Mortgage cashbacks are making a quiet comeback, as CBA, NAB and Westpac give bankers discretion to offer cash incentives as competition intensifies. (AFR)

• Axel Springer’s senior executives close to making 8 times their money as part of the planned break-up the German media giant agreed with KKR. (FT)

Trading floor

M&A

• PEP bankers at Jefferies up for aged care giant Opal HealthCare; lob bid. (AFR)

• Monadelphous Group has won several new contracts, including a construction project at the Ceres urea plant in Western Australia, expected to be completed by mid-2025. (Capital Brief)

• Auckland Council is looking to sell $1bn in Auckland Airport shares. (The Australian)

• Anglo American's $7.38bn Queensland coal auction has narrowed to six credible bidders, down from over 30 initial prospects. (AFR)

• Roc Partners, previously managing ProTen for Aware Super, is now the leading bidder for the $1bn poultry business. (The Australian)

• LDC has filed a complaint with the Takeovers Panel, alleging Olam Agri's stake acquisition in Namoi Cotton is unfair and prevents shareholders from having equal and unconditional opportunities to sell their shares. (Capital Brief)

• Perpetual is gearing up for its October 17 AGM, aiming to persuade shareholders on its $2.2bn KKR deal. (AFR)

• Macquarie Asset Management, fresh from selling Airtrunk, is targeting healthcare and infrastructure assets in New Zealand and is expected to bid for Aurora Energy. (The Australian)

Capital Markets

• Salter Brothers ramps up plans for $2bn hotel fund’s ASX listing. (The Australian)

• CORE Markets is raising $25m to expand into Asia, with roadshows and presentations already in progress. (AFR)

• Cuscal is preparing for an IPO in November, with details on pricing and size yet to be disclosed. (The Australian)

VC

• Primary raised $3.5m in seed funding led by Carthona Capital. (Capital Brief)

• Brisbane’s East Forged secured $1.5m from a Vietnamese VC to expand its cold brew nitro tea globally. (Smart Company)

People moves

• Ooh!media CEO Cathy O'Connor is a contender in Nine Entertainment's search for a new CEO, amid speculation that top shareholder Bruce Gordon is looking to strengthen his influence. (Capital Brief)

• Domain has announced that Mickie Rosen will replace outgoing Nine CEO Mike Sneesby on its board starting 30 September, with Nine CFO Matt Stanton taking over as interim CEO. (Capital Brief)

• Ord Minnett has hired Matt Storey from Bell Potter as its new head of corporate finance, starting in October. (AFR)

• Xero CFO Kirsty Godfrey-Billy will leave the company in March 2025 after six years, with a global search underway for her successor. (Capital Brief)

• Cochlear has named Sarah Thom as its new CFO, replacing Stu Sayers, who will take up a different executive role following leadership changes announced in July. (Capital Brief)

• Tabcorp named Brett Chenoweth as its new chair, succeeding Bruce Akhurst, who will retire at the October AGM. (Capital Brief)

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The watercooler