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Capital Brief's Brandon How reported SGH chief Ryan Stokes said at the Macquarie Australia Conference he and US partner Steel Dynamics can't lift their bid for BlueScope without breaching takeover law.

Yet Stokes complained to the AFR that BlueScope won't say what price it would actually recommend.

“At what value would they recommend the transaction to shareholders? [BlueScope] shareholders have a right to understand what that is, in my view,” Stokes demanded.

With no apparent engagement between the two sides since February, Stokes is clearly taking the pressure public.

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Market movers

Shares in electronics components maker Codan plunged almost 10% on Tuesday after billionaire philanthropist and the company's largest individual shareholder Pamela Wall reportedly sold approximately 8 million shares worth just over $300 million.

The quick sync

• Westpac doubles down on property investors as rates rise, CGT changes loom and mortgage growth slows. (Capital Brief)

• Inland Rail is being halved in Tuesday's budget after costs blow out to $45b. (Capital Brief)

• RBA hikes to 4.35% as Bullock warns of tough times ahead, putting Chalmers on notice ahead of the budget. (Capital Brief)

• Consumer CEOs talk up their outlooks at the Macquarie conference, even as rates rose and sentiment slumped. (Capital Brief)

• A 25% LNG export tax would deliver less gas and less investment, not a fairer return, writes Lurion de Mello. (Capital Brief)

Trading floor

M&A

• Regis Resources and Vault Minerals plan a merger. (Capital Brief)

• Ryan Stokes warns revising a BlueScope Steel bid could breach M&A laws. (Capital Brief)

• Dredge Robotics, backed by Acorn Capital, is exploring a sale. (AFR)

• William Blair to acquire sports-focused M&A advisory firm Inner Circle. (Bloomberg)

• Jardine Matheson evaluates a $3b bid for I-MED Radiology. (AFR)

• CK Hutchison exits its joint venture with Vodafone in a USD5.8b deal. (WSJ)

• EQT increases its bid to USD12b for Intertek. (Reuters)

• Bullish is buying Equiniti to strengthen regulated infrastructure linking crypto and traditional markets. (Reuters)

• KKR completes acquisition of Arctos Partners. (Bloomberg)

• MSC Trustees is being acquired by Alter Domus in a full ownership deal. (AFR)

• Healius attracts a mystery takeover bidder, with outcome tied to federal budget decisions. (The Australian)

• MSA Safety to acquire Autronica Fire and Security for USD555m. (WSJ)

• FleetPartners sees rising takeover interest after clarity on EV tax policy changes. (The Australian)

• James Murdoch is in talks to acquire New York Magazine. (AFR)

Capital Markets

• Mars Incorporated invests $200m to boost stagnant profits in Australia. (AFR)

• Westpac profit remains flat despite strong retail performance. (Capital Brief)

• Gentrack cuts earnings outlook and announces share buyback. (Capital Brief)

• Nine Entertainment reports revenue growth but warns of softer outlook. (Capital Brief)

• ALS Limited faces disruptions due to cybersecurity threats. (Capital Brief)

• Magellan Financial Group restructures global equity funds. (Capital Brief)

• NextDC secures $1.8b in new debt funding. (Capital Brief)

• Future Fund posts strong 11.7% annual return. (Capital Brief)

• Macquarie Group economist supports changes to capital gains tax. (Capital Brief)

• High Court of New Zealand rules against ANZ, risking major penalties. (Capital Brief)

• Dexus reaffirms FY26 outlook and forms a strategic partnership with Boral. (Capital Brief)

• Wesfarmers commits an initial $100m investment into a joint venture with Built Group. (Capital Brief)

• Meta hires Morgan Stanley and JPMorgan for a data center deal in El Paso. (Bloomberg)

• The Australian Shareholders’ Association is pushing ASX boards to improve oversight of AI and cybersecurity risks ahead of AGMs. (Capital Brief)

• Decidr AI Industries seeks $15m funding to support expansion plans. (AFR)

• LaunchVic closure noted amid a growing state budget deficit. (Startup Daily)

• Waratah Minerals raises $40m from investors. (AFR)

• Mirvac plans a development turnaround while pursuing build-to-rent M&A opportunities. (The Australian)

• Reserve Bank of Australia raises interest rates to 4.35%. (Capital Brief)

• Liontown Resources achieves first positive cash flow driven by strong Chinese demand. (Capital Brief)

• ASX consumer sector CEOs reassure investors despite rate hikes and global economic uncertainty. (Capital Brief)

• SkinKandy IPO is trending toward the top of its pricing range. (AFR)

• Qantas expects fuel prices to remain high despite Gulf competitors resuming operations. (AFR)

• Pfizer exceeds profit expectations driven by strong demand for Eliquis. (Reuters)

• Apollo Global Management raises USD6.5b for a hybrid debt-equity fund strategy. (Bloomberg)

• Blackstone and KKR explore potential AI-related deal involving Google. (Bloomberg)

• Anthropic launches AI agents for financial services tasks. (AFR)

• Apple considers using Intel and Samsung to produce chips in the US. (AFR)

VC 

• Jamie Foxx and Hwang Dong-hyuk invest in AI startup ElevenLabs. (Bloomberg)

People moves

• Former lawyer for James Packer settles workplace dispute with Consolidated Press Holdings. (AFR)

• Brett Blundy moves to remove Victoria's Secret chairwoman. (AFR)

• Coinbase, PayPal, and Nissan expected to cut over 6,000 jobs collectively. (Capital Brief)

• Macron to name close adviser Moulin French central bank governor. (Bloomberg)

The watercooler