☕️ Swoop Aero lessons

Good morning.

Swoop Aero once aimed to revolutionise drone deliveries. Instead, as Capital Brief’s Dan Van Boom reports, it became a case study in startup implosion.

Van Boom relates how leadership turmoil, development delays and boardroom battles left a $100m buyout rejection in 2022 a distant memory.

By mid November this year, Australia’s drone darling was grounded, its assets stripped to repay creditors. A tale of ambition and missteps that offers lessons for any founder.

🏆 LOI Subscriber #TBD

Market movers

BlueScope shares soared on Tuesday as the market looked at the Australian steelmaker – which received a pass on tariffs in Trump’s previous administration – with kinder eyes after the US President-elect announced a new set of tariffs on products imported from China, Mexico and Canada.

The quick sync

• Industry super ‘godfather’ Garry Weaven calls on businesses to lead super fund investments, not government. (Capital Brief)

• ANZ’s blockchain-powered Payday Super pilot aims to revolutionise Australia’s superannuation system with instant payments and investments, targeting $1b–$4b annual savings. (Capital Brief)

• Hostplus’ $125m venture bet underscores superannuation funds’ resurgent interest in start-ups amid a venture capital resurgence. (AFR)

• New rules tabled by Treasury may expose secretive equity derivative positions and curb billionaire and hedge fund stealth in Australian markets and M&A. (AFR)

• How Morgan Stanley courted dodgy customers to build a wealth-management empire. (WSJ)

• US charges against Gautam Adani put loyal Jefferies on the spot. (FT)

Trading floor

M&A

• Banco BPM has rejected UniCredit's takeover bid, arguing it undervalues the company. (Capital Brief)

• Singapore Post is set to announce the winner of its Australian assets sale, with Pacific Equity Partners as the likely frontrunner. (AFR)

• Ironbark Asset Management is considering a potential investment in Craigs Investment Partners, a New Zealand-based wealth management firm. (The Australian)

• Newmont Corporation is selling its non-core assets, including the Éléonore gold mine in Canada, as part of its strategy to focus on core operations. (Capital Brief)

• Singapore Power has paused the sale of its 40% stake in Jemena. (AFR)

• Wealth manager Mason Stevens may be acquired by an offshore firm, potentially derailing its planned IPO. (The Australian)

• Advent Partners expands Imaging Associates with a major NSW/Victoria acquisition during I-MED auction buzz. (AFR)

• NEXTDC, Subco and Vocus have partnered with Google to upgrade Australia's digital infrastructure. (BNA)

Capital Markets

• Morgan Stanley has raised its price target on Wisetech shares despite recent challenges, citing increased software adoption. (Capital Brief)

• City Chic chair is proactively engaging with shareholders ahead of the AGM due to recent performance and shareholder dissatisfaction. (AFR)

• Novonix is raising funds to finance the construction of its new US manufacturing facility for synthetic graphite. (Capital Brief)

• Mosaic Brands, facing financial difficulties, is likely to be liquidated as first-round bids for the company were underwhelming. (The Australian)

• Carnaby Resources is raising $15m to fund the acquisition of the Trekelano copper mine. (AFR)

• A proposed legislative change could end the practice of using derivatives to secretly build large positions in Australian companies. (AFR)

• The ASX is investing a significant amount to replace its outdated CHESS system, a project that has faced numerous challenges in the past. (Capital Brief)

• Virgin Australia is set to launch long-haul international flights to Europe using leased Qatar Airways planes. (AFR)

• Vitrafy Life Sciences, a Ballarat-based biotech, has successfully listed on the ASX after raising $35m. (BNA)

VC

• Airtree Ventures is raising a new $650m fund to invest in Australian startups. (Startup Daily)

• Super funds, including Hostplus, reignite interest in tech start-ups with $125m and other major VC commitments. (AFR)

• CSIRO's new venture, FPR Energy, has raised $15m to commercialize solar thermal technology for reducing industrial emissions. (CSIRO)

People moves

• Citigroup is reducing year-end promotions as part of its ongoing restructuring efforts. (Capital Brief)

• Birchal strengthens leadership team by appointing Crowdcube founder Darren Westlake as strategic advisor and former Investible chief executive Rod Bristow as non-executive director. (Capital Brief)

The watercooler