☕️ RBC iced

Good morning.

So, RBC’s been kicked out of the RBA’s inner circle after a client reportedly couldn’t keep their mouth shut about an off-the-record lunch with assistant governor Christopher Kent in February.

It’s not their first rodeo either—Barrenjoey got tangled up in a similar leak last year, and guess who’s now on their board? Yep, former governor Philip Lowe.

The RBA has tightened its comms ops, but going by AFR’s reporting, it seems market players still can’t resist sharing a bit of hush-hush intel.

🏆 LOI Subscriber #TBD

Market movers

Star Entertainment shares bounced back after the casino operator replied to the NSW regulator's 'show cause' notice.

Investors seemed less spooked by the casino probe, betting instead on its $60.5m Brisbane cash injection.

The quick sync

• Perpetual investigates dissenting shareholders backing a rogue board candidate as proxy groups and a former star fund manager criticise the company ahead of its AGM. (Capital Brief)

• LegalVision CEO Lachlan McKnight reveals how 'SaaS-land' inspired his subscription-based law firm, attracting lawyers keen to break from traditional billable hours. (Capital Brief)

• Not so smart money, as Harvard's endowment underperforms for two decades, with poor returns and costly missteps in strategy. (Bloomberg)

• Macquarie outpaces big bank rivals in August, with its loan book growing four times faster in the year-end mortgage scramble. (AFR)

• China's stock surge triggers more margin calls for quant hedge funds, with market-neutral strategies facing pressure amid the biggest rally in over a decade. Bloomberg)

Trading floor

M&A

• Qatar Airways to acquire a 25% stake in Virgin Australia from Bain Capital, intensifying competition with Qantas, pending FIRB approval. (Capital Brief)

• AGL Energy signs a new electricity supply deal for the Portland smelter, allowing for reduced consumption during peak demand. (Capital Brief)

• Oaktree Capital Management has invested $240m for a major stake in AZ NGA, becoming its largest shareholder, while Azimut and current management retain a strategic stake. (The Australian)

• Sumitomo Forestry has acquired a 51% stake in Metricon for $115m, aiming to offset Japan's declining population impact and allowing for future buyout of the remaining shares. (AFR)

• Pacific Smiles' board urges shareholders to reject Genesis Capital's unchanged takeover bid, pointing to strong recent financial results and a previously higher offer from NDC BidCo. (Capital Brief)

• FTI Consulting plans to put Mosaic Brands into voluntary administration as bondholders agree to new payment terms. (The Australian)

• Investment banks are seeking investors for Odyssey's $280m stake in AUB Group, creating excitement among fund managers for discounted stock in the $3.6bn insurance firm. (AFR)

• Louis Dreyfus Company (LDC) raises its takeover bid for Namoi Cotton to 68 cents per share, while Namoi's directors support Olam's competing bid under regulatory review. (Capital Brief)

• Wesfarmers is interested in Mineral Resources' Perth Basin assets, but competition is expected from Gina Rinehart’s Hancock Prospecting and Mitsui, possibly teaming up with Beach Energy. (The Australian)

• Vinyl Group has acquired UK Web3 pioneer Serenade for $2.3m, enhancing its expansion efforts in the UK and Europe while targeting $20m in revenue. (BNA)

• DirecTV will acquire EchoStar's Dish Network and Sling TV, creating the largest U.S. pay-TV provider, while TPG buys the remaining stake in DirecTV from AT&T for $7.6bn. (Capital Brief)

• Seven West Media and Network 10 are negotiating a $15m to $20m deal to acquire Southern Cross Austereo's regional TV stations, with a potential agreement expected within a month. (AFR)

• NZ is exploring the acquisition of Potentia Capital’s SuperChoice with an asking price between $600m and $700m, facilitated by Macquarie Capital. (The Australian)

• REA Group has ended its bid for Rightmove after four rejections, despite hopes of expanding into the UK market and potentially listing on the London Stock Exchange. (Capital Brief)

• Maggie Beer Holdings is seeking a buyer for Paris Creek Farms, highlighting its potential to quadruple revenue, as the company aims to recover from losses and leadership changes. (AFR)

Capital Markets

• Fonterra plans to raise dividend payments to farmers to retain its share of New Zealand milk collection. (Capital Brief)

• SoftBank plans to invest $721m in OpenAI, which is seeking $6.5bn at a $150bn valuation, led by Thrive Capital and including Microsoft. (AFR)

• Mesoblast will raise funds via convertible notes from its largest shareholder if its drug Ryoncil is approved by the FDA. (Capital Brief)

• Access4, a Melbourne cloud communications firm, is considering a minority capital partner as its revenue doubles, led by former Vocus CEO Scott Carter, and is ready to engage with private equity buyers. (AFR)

• Synlait offers one-off payments to retain milk supply, despite reporting a larger full-year loss. (Capital Brief)

• Fletcher Building's shares rose following its NZ$700m equity raising to strengthen its balance sheet and financial stability. (Capital Brief)

VC

• Fundabl is rebranding as Mighty Partners to focus on venture debt for startups, following a recent $3.2m fundraising round with investor Matt Leibowitz. (Startup Daily)

• The German government has awarded a $58m contract to Canberra startup Quantum Brilliance and two others to develop the world’s first mobile quantum computer, partnering with Austrian firm ParityQC for defense and civilian use. (Startup Daily)

• RealtyAssist, a WA prop-tech startup controlled by Metrics, is struggling financially after several capital raises, including a $38.7m placement. (AFR)

•  Zitcha has raised $15m in Series A funding led by VMG Partners to expand into the US, with CEO Troy Townsend relocating to establish a new office and hire teams. (Startup Daily)

• Seven Kiwi startups have secured NZ$17.5m in government funding under the Ārohia Trailblazer grants program, aimed at supporting startups with global potential. (Startup Daily)

People moves

• Brookfield sued after allegedly sacking manager Kelly Dyball on maternity leave and keeping her male replacement, despite featuring her in women-in-leadership profile. (AFR)

• Brambles names Helen Lane as Europe CEO and replaces her with McKinsey's Louise Herring as chief digital officer amid recent leadership changes. (Capital Brief)

• Mills Oakley expands its partnership to 169 with three new lateral hires in property and litigation practices. (Capital Brief)

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