☕️Humm Dinger

Good morning.

The Takeovers Panel made a declaration of unacceptable circumstances in relation to buy now, pay later company Humm Group’s disclosure of a $385 million takeover proposal by Credit Corp in December.

The panel found that statements in Humm’s announcement of the conditional, non-binding offer were “misleading and contrary to an efficient, competitive and informed market”. In reality, the panel argued, the (then) chair and major shareholder of Humm, Andrew Abercrombie, had already decided to reject the Credit Corp proposal several weeks earlier.

The panel also found Abercrombie’s acquisitions of 3% of Humm shares immediately after the company’s disclosure of the Credit Corp bid were “unacceptable”.

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Market movers

Shares in Sims surged almost 10% on Wednesday after the metals recycler forecast stronger underlying earnings growth in FY26 and said the impact of the Middle East conflict would be relatively limited outside shipping and fuel costs.

The quick sync

• US data centre statistics, from an industry nearly 50 times larger, are distorting Australia's policy debate and a $142b annual opportunity, writes Belinda Dennett. (Capital Brief)

• Morse Micro lands its first CFO as the WiFi chip maker moves closer to an ASX float. (Capital Brief)

• EU tariffs on Australian critical minerals to be axed in landmark trade deal. (Capital Brief)

• AI is transforming the speed of global markets, but Australia's settlement cycle was not built for what comes next, writes David Ferrall. (Capital Brief)

• Koala's ASX listing and Eucalyptus's USD1.15b sale share more than timing: a complicated history that is only now being told. (Capital Brief)

Trading floor

M&A

• Veolia buys Enviropacific unit from Next Capital for $200m. (AFR)

• Tom Wallace delays Adgemis pub deal amid funding issues. (AFR)

• Unilever and Kraft Heinz held talks over food merger uniting ketchup and mayo. (FT)

Capital Markets

• Sims stock rises on higher FY26 earnings outlook and minimal war impact. (Capital Brief)

• BHP's CEO pick Brandon Craig won investor backing to lead the miner's shift from Pilbara iron ore to copper and the Americas. (Capital Brief)

• Future Fund sees exits of private equity and real assets chiefs. (AFR)

• Economists increasingly expect an RBA rate hike in May. (Capital Brief)

• Qantas limits lounge access for Jetstar passengers. (AFR)

• Humm shares rise despite misleading takeover claims. (Capital Brief)

• Ardonagh Group weighs Envest options as insurance sector outlook weakens. (The Australian)

• Novonix shares fell after Nasdaq issued a compliance warning for failing to meet its minimum share price requirement. (Capital Brief)

• ACCR appeals court ruling favoring Santos in greenwashing case. (Capital Brief)

• Estia Health preps $3b IPO after Bain-led growth. (AFR)

• Koala helped nurture talent behind Eucalyptus’s major exit. (Capital Brief)

• Innovaero readies ASX float with Euroz Hartleys. (AFR)

• Pay.com.au forges ahead with IPO amid market and regulatory headwinds. (The Australian)

• Australia’s settlement system lags behind fast AI-driven trading. (Capital Brief)

• Brent crude dips as Iraq-Turkey oil export deal lifts supply. (Capital Brief)

• Australia-EU trade deal to include tariff-free critical minerals. (Capital Brief)

• Australia’s data centre debate relies on misleading US comparisons. (Capital Brief)

• Unregulated online keno raises gambling harm concerns. (Capital Brief)

• Private credit’s investor exodus spreads to consumer loans. (WSJ)

• BofA pitches bets against European private credit. (FT)

• Pimco steers clear of ‘pretty bad’ private credit loans on sale. (Bloomberg)

• US Fed holds rates steady as Iran war complicates inflation fight. (Capital Brief)

VC 

• Most Australian startups have less than 12 months of cash, forcing them to prioritize survival over growth amid rising costs and cautious investment conditions. (Smart Company)

• EU proposes “EU Inc.” to cut red tape and boost startups. (Capital Brief)

People moves

• ARN Media fired Kyle Sandilands and cancelled the show due to unresolved conflict with his co-host. (Capital Brief)

• UBS names Holly Clements head of APAC leveraged capital markets. (AFR)

• BHP names Brandon Craig as new CEO to replace Mike Henry. (Capital Brief)

• Geraldine Slattery eyed for Santos role after BHP and Woodside CEO picks. (The Australian)

• Woodside confirms Liz Westcott as permanent CEO. (Capital Brief)

• Ben Thompson is focusing on global expansion while appointing James Keene as APAC managing director. (AFR)

• Morse Micro appoints Joe Bedewi CFO before IPO. (Capital Brief)

• Jay Powell says he will remain Fed chair until successor confirmed. (Reuters)

The watercooler