☕️*Definitely Not* a Roadshow

Good morning.

Sharon AI CEO James Manning insists he travelled to New York a week ago just to “catch up” with his US investors, despite returning to Sydney with a USD350 million ($487 million) convertible note offering, anchored by a fresh USD270 million commitment by private equity giant Oaktree Capital Management, Capital Brief reports.

Obvs yes we know Americans can’t resist an Australian accent, but is the enthusiasm to convey that investors were clamouring to douse Shazza in cash perhaps trying to prove that it is firmly as appealing as its rivals?

🏆 LOI Subscriber #TBD

Market movers

Shares in lithium explorer European Lithium skyrocketed on Tuesday after the company struck a deal to merge with Nasdaq-listed Critical Metals Corp, valuing it at 58 cents per share, or a 137% premium to its last close.

The quick sync

• Singapore's regulator says SunCable is ‘actually possible’ but challenging after a confidential Friday meeting with Grok Ventures. (Capital Brief)

• Apple hires satellite spectrum lobbyist as ACMA weighs who gets control of key satellite licences. (Capital Brief)

• Without deeper public markets, Australia will keep exporting the long-term value of its best growth companies overseas, writes Matt Leibowitz. (Capital Brief)

• Tim Ayres warns migration cuts risk undermining Australia's industrial agenda as Labor pivots to resilience. (Capital Brief)

• Australian startups raised $1.8b in Q1 as investors backed hardware and sovereign capability over SaaS. (Capital Brief)

• Australia's competing media giants unite in support of Labor's plan to force tech giants to pay for journalism or face a 2.25% revenue tax. (Capital Brief)

• Japan's prime minister is headed to Australia with a US-China dilemma that mirrors Anthony Albanese's own. (Capital Brief)

Trading floor

M&A

• Fletcher Building is selling its wire business to United Industries and expects a loss of up to NZD 23m. (Capital Brief)

• Fantastic Furniture is nearing a sale as a private equity firm moves in. (AFR)

• Activist investor Elliott Management increased its stake in Nippon Express. (Bloomberg)

• MediaWorks is for sale again, but weak industry conditions are making it hard to find buyers. (The Australian)

• Grant Thornton Australia agreed to sell to a private equity-backed US counterpart. (AFR)

• Bertelsmann merges music-related firms to form a top global rights holder. (Reuters)

• KKR is a frontrunner in the $1b+ sale process for UP Education. (The Australian)

• TPG Capital acquired majority stakes in Japanese logistics assets from ESR Group. (Bloomberg)

• Macquarie Group and partners sold Cleco Power to Stonepeak in an $8.3b deal. (AFR)

• Jack Daniel's whiskey owner Brown-Forman and Pernod end merger talks. (Bloomberg)

• Kone is said to near €29b deal for rival TK Elevator. (Bloomberg)

Capital Markets

• JPMorgan’s Dimon warns again on risks of credit downturn. (Bloomberg)

• Korea passes UK to become world’s eighth-largest stock market. (Bloomberg)

• Goldman’s John Flood says brace for near-term selloff, buy stocks dip. (Bloomberg)

• Major banks are lobbying the government to impose stricter regulations on Big Tech companies during the budget campaign. (Capital Brief)

• UBS topped Australian sell-side research rankings, led by strong analyst performance across sectors. (AFR)

• Paramount Global asks regulators to approve foreign funding in its Warner Bros-related deal. (Bloomberg)

• Ansarada has integrated Harvey AI to enhance its platform capabilities. (Capital Brief)

• Oil and gas explorer Finder Energy is seeking to raise $30m in equity. (AFR)

• Reliance Worldwide is maintaining its FY26 earnings guidance after filing for US tariff refunds. (Capital Brief)

• OpenAI missed its internal user growth and sales targets. (Bloomberg)

• A survey by ANZ and Roy Morgan shows inflation expectations have slightly declined but remain elevated. (Capital Brief)

• Sunshine Metals launched an $18m capital raising. (AFR)

• Star Entertainment Group reported a 12% drop in Q3 revenue while facing an upcoming refinancing deadline. (Capital Brief)

• Kerry Stokes and Ryan Stokes involved in a notable corporate or strategic move. (AFR)

• BYD increased prices for its advanced driver-assist system due to higher storage costs. (Bloomberg)

• Big Tech firms may face fees if they withdraw Australian news under proposed bargaining code changes. (Capital Brief)

• True Anomaly raises USD650m for space defense expansion. (Bloomberg)

• Karoon Energy reported an 18% drop in Q3 revenue due to production disruptions. (Capital Brief)

• Woolworths Group rushed to compete with Coles Group after breaching guidelines. (AFR)

• Grant Thornton Australia plans to join a global platform as part of its growth strategy. (Capital Brief)

• Family offices are backing Fifth Estate in a new fundraising push. (AFR)

• Coca-Cola beats earnings expectations, driving shares higher. (Bloomberg)

• MLC Life Insurance owner is delisting from the ASX after years of challenges. (AFR)

• Pantoro shares dropped after cyclone impacts cut quarterly gold production. (Capital Brief)

• Eli Lilly signs up to a USD2.25b AI drug development deal with Profluent. (Bloomberg)

• Domino's Pizza Enterprises shares dropped after weak sales growth from its US parent. (Capital Brief)

• EQT is advancing plans to list Metlifecare despite mixed market conditions. (The Australian)

• Whitehaven Coal reported a 14% decline in Q3 production due to wet weather disruptions. (Capital Brief)

• BP prioritizes balance sheet repair over shareholder payouts. (Bloomberg)

• Sharon AI secured $487m funding as it prepares for an ASX IPO. (Capital Brief)

• Investment is shifting from SaaS to hardware as demand for sovereign capability increases. (Capital Brief)

• David Jones posted a $96m loss but sees a path to profitability. (AFR)

• Australian media firms are united in backing a plan to make tech giants pay for news. (Capital Brief)

• Airbus reports profit decline due to weakness in its main aircraft division. (Bloomberg)

• United Arab Emirates plans to exit OPEC starting May 1. (Capital Brief)

• T-Mobile invests in partnerships to expand internet access. (Bloomberg)

• Kraken cooled IPO expectations, affecting Origin Energy. (AFR)

• HSBC upgrades US stocks outlook as focus shifts to earnings resilience. (Bloomberg)

• VentureCrowd’s parent company entered administration owing creditors $7m. (Smart Company)

• Rare Earths Americas targets a USD368m valuation in its US IPO. (Reuters)

• BHP chairman Ross McEwan invested in Brick Lane brewery. (AFR)

• BP profits hit a three-year high amid geopolitical tensions involving Iran. (Capital Brief)

• Samsung SDI reported a smaller-than-expected loss, boosting its share price. (Bloomberg)

• EQT Partners raised USD3.1b for a new European real estate fund. (Bloomberg)

• Tech stocks fell after concerns over OpenAI missing revenue expectations. (Capital Brief)

• Stronger public markets are needed to improve productivity. (Capital Brief)

• Singapore regulators say SunCable is ambitious but potentially feasible after talks with Grok Ventures. (Capital Brief)

• Apple is lobbying on satellite spectrum rules as regulators weigh licence allocation impacting Amazon Leo and Starlink. (Capital Brief)

VC 

• Blackbird Ventures led a $10m seed round in fintech startup Marloo. (Capital Brief)

• National Reconstruction Fund backed Liquid Instruments in a $70m funding round. (Capital Brief)

• PepsiCo is embedding two Australian startups, Adiona and X-Centric, into its supply chain through its innovation program. (Startup Daily)

People moves

• Donald Trump has appointed David Brat as the new US ambassador to Australia. (Capital Brief)

• RBC Capital Markets hired Morgan Stanley analyst Andrei Stadnik to expand its financials and insurance research coverage. (AFR)

• Citigroup hired Bhavin Shukla from JPMorgan Chase to lead Asia infrastructure. (Bloomberg)

• Anthropic has hired former Snowflake executive Theo Hourmouzis into a management role. (Capital Brief)

• Melbourne Demons sacked CEO Paul Guerra despite strong team performance. (AFR)

• Lululemon founder Chip Wilson has advised rival brands Alo Yoga and Vuori. (Bloomberg)

• Ora Banda Mining has appointed Sandfire Resources chair John Richards as chair-elect. (Capital Brief)

• JPMorgan Chase appoints ex-Goldman Sachs executive Oliver Harris to lead blockchain unit. (Bloomberg)

• Former NBA player Damon Jones admits involvement in betting scheme. (Bloomberg)

The watercooler