☕️ Dirty deals

Good morning.

Australia's "clean" market image might be more smudged than the regulator would have us believe. Despite ASIC's recent proclamation that Australia's bourses are among the cleanest in the developed world, forensic finance experts and academics beg to differ.

Experts that spoke with Capital Brief’s Jack Derwin pointed to sophisticated insider trading techniques using tools like exchange-traded funds (ETFs) to mask illegal activity, as a growing problem on the ASX.

🏆 LOI Subscriber #TBD

Market movers

News Corp shares closed 7.64% higher at $44.54 on the ASX on Friday after posting better than expected Q4 results and revealing talks on a possible sale of Foxtel Group.

The media giant exceeded revenue expectations, with net income swinging back into the black at US$71m. The potential Foxtel sale, which US PE firm Platinum Equity already named as a logical acquirer, sparked investor excitement, and the rally continued in US trading, with shares surging another 3.57%.

The quick sync

• Australian startup Quasar Satellite Technologies has been building satellite-tracking tech for years. It is now ready to make sales to a different customer than originally planned: the US military. (Capital Brief)

• AustralianSuper has fallen out with Singtel-owned telecommunications giant Optus over the failure to deliver mobile towers for network infrastructure the fund acquired for $1.9b. (AFR)

• The week ahead in macro: unemployment will be back in the spotlight, with RBA officials fronting up in Canberra not long after the new data is published. (Capital Brief)

• Overdue loans swamp private credit giant Milbrook, which lends to some of Sydney’s most colourful businessmen. More than a quarter of the loans in its main fund are overdue. (AFR)

• Double Bay property player the Pallas Group is expected to announce a new wholesale financial lending facility from a major financier, rumoured to be Goldman Sachs. (The Australian)

Trading floor

M&A

• Foxtel is up for sale following an unsolicited offer, with speculation about potential buyers, including Platinum Equity and possibly a local party. (Capital Brief)

• Orora's $2.2bn Saverglass acquisition has led to a 46% share drop, sparking takeover interest from private equity firms like Lone Star and Apollo Global Management. (AFR)

• A European private equity firm is eyeing a buyout of Ramsay Health Care as the company expects weaker earnings and a profit drop. (The Australian)

• The owners of Sydney's 175 Pitt Street are nearing a sale of the $550m office building to Marquette Properties, with due diligence completed and financing discussions ongoing. (AFR)

• Miles Advisory and Macquarie Capital will start selling MotorOne in September. (The Australian)

• Fletcher Building is selling Tradelink to Metals Manufacturers, a subsidiary of Blackfriars Corporation, for $150m to $175m. (AFR)

• Barrenjoey and Morgan Stanley will soon launch the sale of Aveo, aiming for $3bn. (The Australian)

• Pepper Money, backed by Kohlberg Kravis Roberts, might attract renewed interest from Apollo Global Management, which had previous talks with the company. (The Australian)

Capital Markets

• Magellan's fund conversion caused $800m in outflows in July, with $200m more expected, largely due to hedge fund money exiting after the Nick Bolton saga. (AFR)

• Metcash's hardware division faces concerns despite full control of Total Tools, amid speculation of a potential spin-off and ASX listing. (AFR)

VC

• None

People moves

• None

Together with AGL

Accelerate your change to driving electric with an EV subscription

AGL is on a mission to make it easier for everyone to drive electric. Their EV subscription offers everything you need to get on the road - without the need for a longer-term commitment.

Pick from a range of flexible contract options and electric cars – including models from Tesla, BYD, BMW and Mercedes. And with all-inclusive subscriptions that include registration, insurance and standard maintenance, your EV’s ready to drive.

Find out how to make your next car electric with AGL’s EV subscriptions.

The watercooler