☕️Claws Out

Good morning.

Hitting out at ‘grey market’ exchanges for startup shares such as PrimaryMarkets and FloatX, CEO of FinClear David Ferrall told Capital Brief that “They're like a dating service for shares, [they’re] unregulated. You don't get any sort of protections. There's no disclosure of information. It's like buyer beware.”

Reoww.

🏆 LOI Subscriber #TBD

Market movers

Shares in TPG Telecom fell over 5% Wednesday after the ASX mistakenly linked a $651 million takeover announcement by US private equity firm TPG Capital to the telco, triggering confusion and cancelled trades.

The quick sync

• Carsales boss Cameron McIntyre enters the race for REA’s top job as the $33b company nears a CEO call. Capital Brief)

• Airtree closes $650m fund with backing from Harvard and MetLife as international investors bet on Australia's top-quartile venture returns. (Capital Brief)

• Lorikeet raises US$35m with backing from QED, Canva and Airwallex founders. (Capital Brief)(AFR)(Axios)

• Alcohol industry urges Trump to cut a better deal as US$2b in sales and 25,000 jobs hang in the balance. (Reuters)

Trading floor

M&A

• Iluka inks 15-year rare earths deal with Lindian, backing it with a US$20m loan for Malawi mine to feed WA refinery. (Capital Brief)

• PEP bids for Healthscope hospitals but will keep them separate from Healthe Care due to asset complexities. (The Australian)

• CFS teams with JP Morgan for first private equity push, focusing on secondaries and mid-market buyouts. (Capital Brief)

• China’s CIC prepares to sell $5b EastLink stake via Morgan Stanley. (AFR)

• TPG to acquire Infomedia for $651m to drive global expansion. (Capital Brief)

• Agnico Eagle may be eyeing a major acquisition of $25bn Northern Star, after earlier interest in smaller gold miners. (The Australian)

• Resolution gets $225m takeover offer for Horse Heaven mine. (Capital Brief)

• Novartis eyes Avidity in rare disease push as Big Pharma scrambles to offset looming patent cliffs. (FT)

Capital Markets

• News Corp is in advanced licensing talks with AI firms and reports no harm from Google’s AI search updates. (Capital Brief)

• REA Group profit rose 23% to $564m, dividend jumped 31%, and a new CEO will be named within a month. (Capital Brief)

• BWP Trust profit rose 47% to $265.6m, beating forecasts, as strong retail property demand lifted revenue and valuations. (Capital Brief)

• Charter Hall Long WALE REIT posts $118.3m FY25 profit after two years of losses, but misses forecasts due to lower revenue and earnings. (Capital Brief)

• Silex pauses trading for capital raise after key US uranium project progress. (Capital Brief)

• Global credit giants shift focus from Australia to higher-return markets like Europe and the US. (The Australilan)

• Tindo Solar gets $34.5m to expand Adelaide plant; others funded for solar manufacturing studies under Solar Sunshot. (Capital Brief)

• Centuria REIT profit rises but misses forecast; guides for earnings and rent-driven growth in FY26. (Capital Brief)

• Metrics’ expansion dents earnings short term; Pinnacle expects growth in FY26. (Capital Brief)

• Adamantem revives Hellers IPO plans with fundie meetings. (AFR)

• West African Resources jumps on 10-year gold production forecast. (Capital Brief)

• ASIC nears approval for Cboe Australia to list stocks, challenging ASX monopoly. (Capital Brief)

• OpenAI eyes US$500b valuation in share sale to retain talent and meet investor demand. (Capital Brief)

• Trion Battery pitches $5m pre-IPO raise ahead of ASX listing. (AFR)

• Toys R Us to delist from ASX after failed recapitalisation and DOCA execution. (Capital Brief)

• Uber unveils US$20b share buybacks after strong Q2 and upbeat Q3 outlook. (Capital Brief)

VC 

• Airtree Ventures closes $650m fund, backed by US institutions, avoids mega-funds. (Capital Brief)

• UNSW backs launch of Barker Street Ventures to fund deep tech spinouts. (Smart Company)

• AI startup Lorikeet hits $200m+ valuation in $54m raise backed by Canva and top VCs. (Capital Brief)(AFR)(Axios)

• Ex-AFL player Ryan Clarke raises $400k for GymGoer, a short-term gym pass app. (Smart Company)

People moves

• Justin Langer has resigned from the Mineral Resources board due to international coaching commitments. (Capital Brief)

• UBS’s Trent Kennedy hires BofA sales trader to grow team. (AFR)

• Cameron McIntyre emerges as top candidate for REA Group CEO role. (Capital Brief)

The watercooler