☕️Calling it Quits

Good morning.

BHP’s feverish six-week pursuit of Anglo American has come to an end, with the Australian oil giant calling quits on its bid to acquire its rival in what would have been a $74 billion blockbuster deal.

After rejecting BHP’s pleas to extend its negotiation deadline a second time, and snubbing measures the Australian miner proposed to pacify South African regulators about the transaction (on election day no less), BHP accepted defeat. The oil player must now walk away from the deal for a minimum of six months.

It’s probably high time to pour one out for the analysts and associates at Barclays and UBS, who’ve no doubt spent the last six-weeks on very little sleep to crunch through BHP’s mandate that got ever so close, but no cigar…for now.

🏆 LOI Subscriber #TBD

Market movers

Shares in Fisher & Paykel climbed almost 4% to close at $26.39 on Wednesday, trade after the health equipment provider reported growth in operating revenue and underlying profit for the 2024 financial year. Wilsons Advisory said that Fisher & Paykel's results were in line with their estimates, with revenue meeting consensus while underlying NPAT was 5% above average forecasts. The analysts noted that stronger new applications growth demonstrated signs of increased use outside of the company's core ICU base. They also said gross margin improvements over the year suggested that the company's longer term margin aspirations were achievable.

The quick sync

• Nine CEO Mike Sneesby attempts to drum up support from directors ahead of board meeting, as the company’s harassment scandal deepens. (Capital Brief)

• Online luxury retailer Cettire has drawn 173 complaints to the US Federal Trade Commission, twice the number received by its major competitors. (The Australian)

• Former PwC partner Richard Gregg is suing the firm for defamation after being incorrectly and publicly linked to the consultant’s tax leaks scandal. (AFR)

• Shell has stepped away from plans to develop an offshore wind project in Victoria, pivoting to invest in less expensive, mature forms of electricity generation. (The Australian)

• Czech billionaire Daniel Křetínský pledges to revive UK postal service with £5.2b acquisition of Royal Mail parent company, International Distribution Services. (Capital Brief)

• Oil giant ConocoPhillips has agreed to buy Marathon Oil for US$22.5b ($33.91b), adding another merger to a wave of consolidation across the US energy sector. (Capital Brief)

M&A

• Ramelius Resources approached Westgold Resources for a potential $3b merger. (AFR)

• Lendlease is selling its US east coast construction business to Consigli as part of its plan to exit international operations and focus on core business. (Capital Brief)

• Investment firms are looking to buy Star Entertainment's discounted debt, aiming to gain influence over the company. (The Australian)

• Future Fund has acquired a 19.8% stake in Melbourne's EastLink toll road, previously owned by NZ Super and Nuveen. (AFR)

• Queensland Investment Corporation has launched a $129m selldown of Dalrymple Bay Infrastructure, underwritten by MacCap at a $2.58 per share. (AFR)

• Rob Coombe’s Generation Development Group plans to acquire the remaining shares of Lonsec, aiming to fund the $150m purchase. (AFR)

• Accolade Wines' recapitalisation plan with Bain Capital might fail due to disagreements with wine grape growers. (The Australian)

Capital Markets

• Alfabs Australia is preparing for an IPO on the ASX, aiming to raise $70m. (AFR)

VC

• None

People moves

• None

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The watercooler