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Good morning. Just a few hours to go until we find out if 4 in 5 LOI readers were right in predicting another rate rise today. Most economists (about 1 in 3) are actually expecting rates to stay flat this month.

June 06, 2023

Good morning. Just a few hours to go until we find out if 4 in 5 LOI readers were right in predicting another rate rise today. Most economists (1 in 3, to be precise) are actually expecting rates to stay flat this month.

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MARKET MOVERS

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

Market News: Mark Allison, the CEO of Elders, announced he’s not leaving and will stay on as CEO despite announcing he’d retire last year*

When the departure was originally announced in November, the news wiped about $500m from the market cap of Elders.

Unlike when the Wolf of Wall Street announced he wasn’t leaving, Mark’s announced plans to stay on had a more subdued reaction — adding back just $20m of market cap.

THE QUICK SYNC

  • Apple announces a new $3,499 AR headset. (Verge)

  • SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations. (CNBC)

  • PwC hands over names of all staff involved in tax scandal. (SMH)

  • Amazon moves closer to $5.5b turnover milestone in Australia. (AFR)

  • How Myer was pulled out of its destructive spiral. (Australian)

  • US banks prepare for losses in rush for commercial property exit. (FT)

  • Oil prices rise as Saudi Arabia pledges output cuts. (BBC)

  • Insider trading: Mystery trader’s US$11m windfall sparks insider concerns. (SMH)

TRADING FLOOR

M&A:

  • Potentia Capital drafts in MacCap to weigh options for SuperChoice. (AFR)

  • Greenwich Capital and Conplant have acquired Sydney’s 24/7 Fuels. (AFR)

  • South32 hires RBC to help prepare an indicative bid for Khoemacau Copper Mining in Botswana. (AFR)

  • Vita Group’s shareholders have voted in favour of a $22.3m takeover deal with Practice Management Pty Ltd. (BNA)

  • UK’s competition regulator was due to deliver its final assessment on Cochlear’s acquisition of Oticon Medical. (The Australian)

  • BGH is believed to have walked away from a possible acquisition of Australian Venue Co from KKR. (The Australian)

  • Saputo is tipped as the most likely buyer of Synlait’s dairy assets. (The Australian)

  • Squadron Energy is continuing to field calls about a potential sale of the business through Highbury Partnership. (The Australian)

  • Austal brings on JPM as it considers approaches from several US PE suitors interested in taking the company private. (AFR)

Capital Markets:

  • Cboe Global Markets is turning its attention to IPOs as it plots to take on the ASX. (AFR)

  • Goldman Sachs’ Christian Johnson and Citi’s Tony Osmond on what the IPO drought says about capital markets. (AFR)

VC:

  • Autism 360, an autism management tool, receives $2m backing from Bombora Investment Management. (AFR)

  • VenturesOnes has pledged $15m as a cornerstone investment towards a $25m Series B raise for life sciences startup ImmVirX. (StartupDaily)

Others:

  • MA Financial has appointed a head of real estate partnerships as it eyes a bigger slice of Middle Eastern investors. (AFR)

  • MST Marquee partner and senior research analyst Mark Samter has called it quits. (AFR)

  • Citi’s new CEO faces deal-making abyss, but eyes global capabilities. (AFR)

PARTNER WITH ALLIANCE ADVISORS

Alliance Advisors is an independent corporate advisory firm that supports public and private companies with strategic shareholder & Investor advisory services through our global network.

We go beyond, from development to execution of bold, client-first strategies, resulting in winning outcomes.

For more information, please contact Brendan Henry on [email protected]

THE WATERCOOLER

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