☕️ Fighting words

Whitehaven is staring down a shareholder revolt.

Good morning.

The struggle over Whitehaven’s future is heating up.

With just two weeks until the coal miner’s AGM, activist investor Bell Rock has launched a new media blitz targeting Whitehaven management over its planned acquisition of two BHP coal mines.

A letter and dedicated website urge shareholders to vote down the rem report, and goes after managing director Paul Flynn and three of his directors.

But it’s unclear how much Bell Rock will actually move the dial amongst investors, with plenty of support remaining for the company’s long-term plans.

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

LOI Subscriber #TBD

MARKET MOVERS

Market News: The ‘Spirit of Australia’ is getting a refresh as Qantas announces the departure of Richard Goyder.

The long-time chair has signalled he will leave the airline in late 2024, staying on another 12 months to help new CEO Vanessa Hudson turn the plane around.

It’s something of a parting gift for outgoing columnist Joe Aston who has been Goyder’s most ardent and articulate critic.

THE QUICK SYNC

  • The US Fed is starting to sound cautious on future interest rate hikes. (Financial Times)

  • ExxonMobil has agreed to buy shale group Pioneer in US$59.5 billion deal. (WSJ)

  • Birkenstock shares slip in its first day of trade. (The Guardian)

  • European companies are delaying IPOs due to worrying market conditions. (Financial Times)

  • Morgan Stanley says the new EV from Huawei is a threat to Tesla. (Bloomberg)

  • Sam Bankman-Fried considered raising money from the Saudi crown prince to repay FTX customers. (CNBC)

TRADING FLOOR

M&A:

  • EQT Partners has reached an agreement to acquire VetPartners for around $1.4bn, making it one of the quickest transactions of the year. (AFR)

  • AMA's board has not received any buyout approaches from private equity firms. (The Australian)

  • Telstra has reached an agreement to acquire the cloud services company Versent for $267.5m. (AFR | BNA)

  • Gina Rinehart has become Liontown Resources' largest shareholder, securing a strategic 19.9% stake in just a month. (SMH)

  • Analysts have criticised the ACCC's rationale for supporting the Origin takeover, deeming it weak or unconvincing. (AFR)

  • A local investor has acquired 406 Collins Street for approximately $30m, marking the first transaction of the year on the prestigious office strip. (SMH)

  • CSL needs to defend its performance and long-term strategy, including the value of recently acquired Vifor, as over 20% of shareholders voted against the company's remuneration report. (SMH)

  • Negotiations are heating up between CBS and Southern Cross Media Group regarding their affiliation agreement with Network Ten. (The Australian)

Capital Markets:

  • Molycop is placing more emphasis on a 2024 listing, choosing to wait for turbulent market conditions to stabilise. (The Australian)

  • DevEx Resources aims to raise $21.1m from equity capital markets. (AFR)

  • The Bank of Queensland isn't currently anticipated to raise equity, but recent results suggest it may have to soon. (The Australian)

  • Evie Networks has engaged UBS bankers to structure a deal to attract new investors. (AFR)

  • AVJennings is seeking to raise $30.4m to increase the production of built-form homes across its extensive land holdings. (BNA)

VC:

  • VCs have oversubscribed to the Queensland government’s start-up funding initiative, pitching for over $700m in deals. (AFR)

Others:

  • Lazard Asset Management says the backlash against 'woke finance' won't stop the rise of ESG investing. (Capital Brief)

  • Adore Beauty's stock price dropped to just 82¢, prompting the company to bring in UBS as a defense adviser. (AFR)

  • Grant Thornton reports that dealmakers are showing caution due to weakening economic conditions, impacting M&A activity. (The Australian)

  • Data from Dealtracker indicates that small and medium-sized enterprises (SMEs) are less inclined to sell, resulting in higher earnings multiples for smaller acquisition targets. (BNA)

  • Bank of Queensland has reduced its final dividend following a decrease in full-year profit due to increased expenses and a significant impairment charge against goodwill. (Capital Brief)

  • The European Union has urged Elon Musk to tackle disinformation on Twitter (now X) to comply with new EU online content rules. (Capital Brief)

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