☕️ Dark horse

Good morning.

When EV-mania took hold of markets, propelling names like Tesla, Nio, Rivian and others up the boards, there was one glaring exception: Toyota.

The world’s largest automaker was seemingly not even part of the conversation, let alone the race.

Yet Toyota could lead the market yet, revealing it is getting closer to mass-producing solid state batteries that could recharge in 10 minutes and power EVs for 1,200km at a time. It just needs to prove it can do it at scale.

*Stock data as of the market close. Commodities and crypto data in USD.

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MARKET MOVERS

Market News: Shares in Immutep rallied after a treatment from the Aussie biotech was shown to improve survival rates for cancer patients.

The company has posted results from a successful phase two clinical trial of the company’s drug Efti. It suggests the drug could be used as part of a chemotherapy alternative to tackle some types of metastatic lung cancer.

Together with Stake | Invest on Wall St and the ASX

THE QUICK SYNC

• Argentina’s economy minister Sergio Massa has beaten libertarian challenger Javier Milei in the first round of national elections. (Financial Times)

• China is probing Foxconn, a key Apple supplier. (Bloomberg)

• New audio recordings reveal how Australian billionaire Anthony Pratt cultivated relationships with King Charles (SMH) and Donald Trump. (SMH)

• Morgan Stanley has named Microsoft and Sony the clear winners of AI adoption in gaming. (Bloomberg)

• The shortlist of candidates tipped to succeed Peter Costello at Australia’s Future Fund. (Capital Brief)

• US 10-year bond yields have fallen below their 16-year high as Bill Ackman backs down from shorting them. (Financial Times)

TRADING FLOOR

M&A:

• Chevron is buying Hess for $53bn in stock, after Exxon Mobil's $60bn Pioneer Natural Resources bid. (AFR)

• Macquarie and Barrenjoey will manage the sale of 74% of Queensland Airports Limited. (AFR)

• SQM could be making a renewed bid for $1.1bn Azure Minerals. (The Australian)

• Deal frenzy hits Australian lithium sector, with Sociedad Química y Minera involved in two major transactions. (AFR)

• Antony Catalano may disrupt ARN's $200m+ Southern Cross deal with a cash offer. (The Australian)

• Propel Funeral Partners received "multiple" buyout offers, but none were compelling for board talks. (AFR)

• Olga Berg has enlisted FTI Consulting to explore potential strategic buyers for its established 30-year-plus brand (AFR) while Sara Lee's sales history raises concerns for FTI administrators. (The Australian)

• Providoor will relaunch as a celebrity chef meal delivery service after being purchased by an entrepreneur from administrators. (AFR)

• Takeover target Pact Group has cut 175 jobs, listed a Victorian business, and could sell its $130m contract manufacturing business. (AFR)

• VentureOn Partners acquires Story Bridge Ventures for a property and construction tech expansion. (Startup Daily)

• AG Foods divested its plant-based meat division, merging it 50/50 with Fenn Foods to create Aussie Plant-based Co. (AFR)

Capital Markets:

• Judo Bank aims to raise $75m through capital notes for capital enhancement. (Capital Brief)

• Anteris Technologies sought $40m in equity to support their initial feasibility studies crucial for US FDA approval. (AFR)

• Wilsons analysts are surprised by Liontown's $367m capital raise and debt facility. (The Australian)

• ASX has enlisted UBS, ANZ, and NAB to generate interest in a prospective bond offering. (AFR)

• SPC Global has launched a capital raise with a specific requirement: investors must be from the Goulburn Valley. (AFR)

VC:

• Relevance AI and Mercu were picked for Surge, Sequoia's accelerator program. (Startup Daily)

• Local Measure raises $7.9m with Future Now Capital, expanding AI features. (AFR)

• VC fund behind Voly seeks to invest $1.3bn in local startups. (AFR)

Others:

• Microsoft is set to invest $5bn in Australian digital infrastructure and cybersecurity. Here’s why. (Capital Brief)

• Treasury Wine Estates is ready to re-enter the Chinese market as tariffs on Australian wine could be lifted. (BNA)

• ASIC is accused of under-resourcing oversight, risking missed red flags for investors in mergers, fundraisings, and listings. (AFR)

• National Australia Bank has parted ways with Ivan Colhoun, who served as the chief economist for corporate and institutional banking. (AFR)

• Viva Energy sees higher fuel sales but narrower retail margins due to rising oil prices. (Capital Brief)

• South32 shares drop as FY24 guidance remains unchanged in quarterly update. (Capital Brief)

THE WATERCOOLER