☕ Electric profit

Good morning. FYI it’s a long weekend over in the US — meaning their markets will be closed overnight (aka their Monday).

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ps. if this was forwarded to you, you can sign up for LOI at letterofintent.com.au

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MARKET MOVERS

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

Market News: AGL is cleaning up in the wholesale energy market, with the company announcing that sustained higher prices will help them 2x profit next year.

It’s not just the company that’s raking it in.

With the shares trading near 2yr highs, it means Mike Cannon-Brooke’s has made around $150m off the stake he originally purchased to block last year’s demerger.

THE QUICK SYNC

• Australia’s youngest billionaire may be looking to enter the Aussie gambling space. (Australian)

• Aussie wedding: The incognito elite at the wedding of the year. (AFR)

• Less productive, more depressed: the problem with working from home. (AFR)

• AGL sets targets for replacing coal with cleaner power. (SMH)

• Crown Resorts was given a $20m fine in Victoria for claiming erroneous tax deductions. (SMH)

• Harry and Meghan are ‘grifters’, says Spotify executive. (SMH)

TRADING FLOOR

M&A:

• Malteries Soufflet is expected to complete its due diligence for United Malt by the end of June. (AFR)

• Macquarie is the leading candidate to acquire a share of up to 50% in EnergyAustralia. (AFR)

• DraftKings has been given till Tuesday to make a formal proposal for PointsBet's US business after making a last minute bid. (SMH)

  • DraftKings's bid puts the original deal to sell the PointsBet US business to Fanatics at risk. (SMH)

• The Brewhouse, the primary bar in Queenscliff, is for sale for roughly $6m. (SMH)

• Owners of TEG are believed to have been close to selling the ticketing business earlier in the year, before the buyer backed away. (The Australian)

• Quadrant is believed to be attempting to sell Barbeques Galore again. (The Australian)

Capital Markets:

• Abacus Property Group had no trouble finding buyers for a $225m stock raise for its proposed $3bn Storage King demerger. (AFR)

• Enlitic is reportedly getting ready to run for the ASX boards. (AFR)

• Source Certain is speaking with potential pre-IPO investors in an effort to arrange a capital raising. (AFR)

VC:

• Sicona Battery Technologies, a battery materials startup, has raised AU$22m in a Series A led by Himadri Speciality Chemical Ltd and others. (StartupDaily)

• Lyka, a pet wellness startup, has secured $25m in follow-on funding to scale up its operations. (SmartCompany)

Others:

• Salt Lake Potash is the target of a class action lawsuit being prepared by Banton Group. (AFR)

• Alvarez & Marsal poaches EY’s Adam Woodward and Deloitte M&A’s James Head. (AFR)

• KordaMentha has hired Chris Faherty and Megan O’Donnell-Lace as it looks to boost its money laundering and terrorism prevention capabilities in its crime practice. (The Australian)

• Deutsche Bank was unsuccessful in its attempt to hire Credit Suisse employees. (The Australian)

• GenesisCare doctors have hired legal firms after the group entered Chapter 11 bankruptcy in the US this month. (The Australian)

THE WATERCOOLER