☕️ Mayne buyer

Good morning.

Cosette’s bid for Mayne is on life support. But as Capital Brief’s Brandon How writes, circling bidders for the Adelaide plant might be the defibrillator. IDT Australia and others are reportedly sniffing around the asset Cosette threatened to close (what triggered Chalmers’ preliminary block on national interest grounds). If the Takeovers Panel plays ball and a credible buyer emerges, the deal might get a second wind.

In the meantime, the NSW Supreme Court’s read on Cosette’s backer, Avista’s boss David Burgstahler, is brutal: forgetful, incurious, barely credible.

We won’t have to wait too long though. As How notes, interim orders from the Takeovers Panel could land as early as today.

🏆 LOI Subscriber #TBD

Market movers

Shares in dual-listed payments group Block plunged almost 16% in Sydney on Friday trade and fell a further 7.7% in New York after the company posted weaker-than-expected third-quarter earnings and slowing profit growth at Square.

The quick sync

• Two women-led groups removed from the $4.9m FemTech program they co-designed after dispute over unpaid work. (Capital Brief)

• Unemployment is forecast to ease, spotlighting the RBA’s challenge juggling inflation and jobs. (Capital Brief)

• Macquarie is lining up internal successors for Shemara Wikramanayake, with Ben Way buoyed by asset management profits. (Capital Brief)

• Wikramanayake under pressure as the silver doughnut reinstates 40 funds cut in the wake of the Shield collapse. (Capital Brief)

• US states and cities now hold the real power, and that’s where Australia should be watching, writes Anthony Liveris. (Capital Brief)

Trading floor

M&A

• Laser Clinics is selling its UK and US arms to ease debt pressures. (AFR)

• Link Group bids for Grow to expand its super administration business. (AFR)

• TPG Capital nears NZD400M acquisition of New Zealand’s Tamaki Health. (The Australian)

• Lendlease buys TCorp’s stake to boost control of property fund. (AFR)

• PEP drops bid for Alliance Aviation after profit warning and share crash. (The Australian)

• Italian investors are acquiring Pilbara Rail Maintenance for $180m. (AFR)

• Buyers eye Mayne Pharma’s Adelaide plant amid stalled Cosette takeover. (Capital Brief)

Capital Markets

• China paused rare earth export curbs until 2026 under a new trade deal with the US. (Capital Brief)

• Healthscope’s hospitals are losing money and seeking rent relief from landlords. (AFR)

• Vital Healthcare may raise funds to internalise management and pursue dual listing. (The Australian)

• Shameless Media earns $10m, holding 10% of Australia’s podcast market. (AFR)

• ABC journalists may strike amid disputes over pay and management transparency. (Capital Brief)

• Nvidia can’t sell AI chips to China amid US-China trade restrictions. (AFR)

• Australian bankers to receive bigger bonuses amid strong deal activity. (The Australian)

• Women-led groups dropped from $4.9m FemTech program after payment dispute. (Capital Brief)

• David Teoh’s $1.7b Tuas takeover faces rising regulatory hurdles. (AFR)

VC 

• Australian music veterans Jono Harrison and Luke Bevans founded Sydney startup Keytin, aiming to make music rights a major investment class in Australia. (Capital Brief)

• OTR founder Charlie Shahin backs fintech Bless Payments at $40m valuation. (AFR)

People moves

• Humm activists may call a board spill if leadership resists renewal. (AFR)

• Top litigator Fred Prickett leaves Clayton Utz after 30 years. (AFR)

• CBA CEO Matt Comyn is losing senior staff to rival banks, particularly Westpac, amid an industry-wide talent poaching battle among Australia’s major banks. (AFR)

The watercooler