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Good morning.

Capital Brief has revealed that the $11 billion ASX-listed APA Group pulled the pin on the New England Renewable Energy Zone as well as the VNI West project connecting Victoria and New South Wales where it was considered the preferred bidder.

APA’s decision to walk away from the multi-billion dollar electricity projects is the clearest evidence to date of a shift in its strategy towards the energy transition.

🏆 LOI Subscriber #TBD

Market movers

Shares in Deep Yellow skyrocketed over 21% on Monday after the world’s biggest physical uranium fund, Sprott, announced a US$100m raise to buy more of the commodity.

The quick sync

• Whistleblower claims of dysfunction and mismanagement put Labor’s $15b National Reconstruction Fund under formal investigation. (Capital Brief)

• Paramount opens talks to renew its A-Leagues rights deal as Foxtel considers a move, setting up a fresh contest ahead of the 2025-26 season end. (Capital Brief)

• NAB’s ditching of its $26b Advantedge mortgage platform is rattling brokers and blindsiding customers as it tightens control over home loan margins. (Capital Brief)

• As Kal Jamshidi writes, a $3.6b VC deadline is about to unleash a wave of mega-rounds, but could push Aussie tech talent, exits and upside offshore. (Capital Brief)

Trading floor

M&A

• Santos backs $30b takeover bid from a consortium led by Abu Dhabi’s Adnoc, with HQ to stay in Adelaide. (Capital Brief)

• Santos directors snapped up stock days before a $36.4b bid landed, now ASIC may want a closer look. (AFR)

• Jim Chalmers faces a $30b foreign investment credentials test with the Santos takeover set to reveal how open the government really is to global capital.

• BGH Capital and Trouchet family launch $472m bid for Tourism Holdings. (Capital Brief)

• Meiji emerges as a dark horse in Fonterra’s $2b Mainland sale as Bega fights legal battles for acquisition rights. (The Australian)

• Aurizon wins 15-year BHP copper logistics contract, cutting 13m km of truck travel. (Capital Brief)

• Avenue Capital commits $450m to Schroders RF in a major Sydney property lending deal. (AFR)

• PointsBet rejects Betr bid, backs $1.20-a-share offer from MIXI. (Capital Brief)

• Court to rule in September on Cosette’s attempt to end $672m Mayne Pharma deal. (Capital Brief)

• LHD Lawyers acquires Redlich's Work Injury Lawyers, boosting its Victorian presence and personal injury expertise. (LinkedIn)

• Metro Bank rises on Pollen Street Capital’s early buyout approach. (Capital Brief)

• Paramount is in early talks to renew its $200m A-Leagues broadcast deal, with Foxtel possibly entering the race as the current deal nears expiry. (Capital Brief)

Capital Markets

• ASIC launches inquiry into ASX over governance and CHESS project failures. (Capital Brief)

• Turaco Gold launches $60m capital raise, offering shares at 44¢ apiece. (AFR)

• APA abandons two major electricity transmission project tenders and refocuses on gas strategy. (Capital Brief)

• Virgin Australia's $2.3b IPO faces turbulence from oil spikes, Qantas moves, and a Boeing crash. (AFR)

• Airbus secured US$17b in aircraft orders at the Paris Air Show. (Capital Brief)

• Car dealers face a $2b loss as stricter fuel standards penalize high-emission vehicles starting July 1. (AFR)

• Greatland Gold’s $490m IPO priced at the top range, oversubscribed ahead of ASX 200 debut on June 24. (The Australian)

• Trump Organisation launches US$499 “Trump Mobile” with global calling and telehealth, marking 2016 campaign anniversary. (Capital Brief)

• DIT AgTech launches $5m raise to fund global growth, with Bandera Capital investing $1m. (AFR)

• NAB is shutting down Advantedge, shifting 50,000+ customers to its brand and sparking broker backlash. (Capital Brief)

• TAL Dai-ichi lifts stake in Challenger to 19.9% as Apollo exits after four years. (AFR)

• MinRes and Ganfeng are each injecting $150m to keep their Mt Marion lithium mine afloat during tough market conditions. (AFR)

• UniSuper tips $500m into a new AI-powered hedge fund chasing ASX 300 gains with bets both ways and eyes wide open to market chaos. (AFR)

• A herbal medicine firm with no sales or approvals is now worth US$30b after its stock soared 46,000% this year on hype, not fundamentals. (Bloomberg)

VC

• A $3.6b VC funding deadline looms, pushing Aussie investors to deploy capital fast, likely fueling a wave of mega-rounds by end-2025, regardless of market fundamentals. (Capital Brief)

• Australian Ethical and CEFC invest $30m in Climate Tech Partners to fund decarbonisation startups. (AFR)

• Impact startups claimed 41.5% of early VC funding in 2024, with climate ventures leading the charge. (Startup Daily)

• Proptech startup RealtyAssist, now controlled by Metrics Credit Partners, seeks new capital after $8.5m loss amid weak property listings. (AFR)

People moves

• Pilbara Minerals appoints Flavio Garofalo as interim CFO. (Capital Brief)

• Quinbrook names Brian Restall global CEO and revamps North American leadership. (Capital Brief)

• Macquarie directors Gibson and Brown exit amid expectations they'll join ex-boss Ristevski at JPMorgan. (The Australian)

• Monash IVF’s COO quietly exited before its latest embryo scandal and CEO’s sudden resignation. (AFR)

• Vulcan Steel CEO Rhys Jones to retire at year-end after 19 years and may become board chair after election. (Capital Brief)

The watercooler