☕️ Regal exit

Good morning.

Platinum Asset Management’s rescue attempt imploded spectacularly yesterday, after Regal Partners walked citing insurmountable risks after a steep $1.2 billion outflow in November.

In response, Platinum's market cap dropped $90 million as shares hit a record low, sending any future deal-making leverage up in smoke.

As Capital Brief’s Jack Derwin reports, analysts aren’t optimistic and past interest from Challenger and Paradice fizzled long before Platinum’s sharp deterioration.

With its flagship fund trailing benchmarks and CEO Jeff Peters battling a late-stage turnaround, Platinum faces a herculean task: stabilise the ship or risk being cast off in a fire sale.

🏆 LOI Subscriber #TBD

Market movers

Investors delivered a frosty verdict on ANZ's decision to appoint outsider Nuno Matos as CEO yesterday, wiping over 3% off the bank’s value.

Matos, formerly of HSBC and Banco Santander, enters a cozy Australian banking scene that tends to favour insiders to inherit a $60 billion lender struggling with subpar returns and unfinished business—like the Suncorp merger and ANZ Plus rollout—both bogged down by regulatory and operational delays.

CBA shareholders meanwhile seem to be enjoying a golden era under boss Matt Comyn, backed by hefty pay rises and investor confidence. With shares up 43% in the last year and Comyn locked in for another three years, the gap between CBA and its Big Four rivals looks set to widen.

The quick sync

• Applied EV, backed by Suzuki and helped by NXP, eyes an ASX listing with its mass-producible Blanc Robot targeting industries like mining and logistics. (Capital Brief)

• DLA Piper's incoming Australian managing partner, Shane Bilardi, eyes private capital boom. (Capital Brief)

• Australian fintechs face challenging outlook with a 7% firm decline, subdued funding and shifting priorities, but green shoots like MoneyMe's $750m lending push and growing US interest offer cautious optimism. (Capital Brief)

• Eric Trump and top crypto moguls headline Bitcoin MENA in Abu Dhabi, as Trump-backed World Liberty Financial rides bitcoin's US$100K wave. (Reuters)

• Accounting errors force US companies to pull statements in record numbers. (FT)

Trading floor

M&A

• Macquarie Asset Management is acquiring a 40% stake in Diamond Infrastructure Solutions, a US Gulf Coast energy infrastructure company, for $3.7bn. (AFR)

• The Commonwealth Bank will replace Bendigo Bank in providing Nauru’s banking services under a new Australia-Nauru treaty. (Capital Brief)

• Crescent Capital is considering selling its investment in Green Leaves Early Learning, a Queensland-based childcare group. (AFR)

• James Hardie delays share buyback, fueling acquisition speculation. (The Australian)

• Newmont Corporation is selling its Cripple Creek & Victor mine in Colorado to SSR Mining for up to $275m. (Capital Brief)

• Soul Patts, through Jarden, is selling $122m worth of Tuas shares at a 5% discount to the last closing price. (AFR)

• Platinum Asset Management and Regal Partners have ended takeover talks after a period of due diligence. (Capital Brief)

• Hedge funds based in New York are believed to have purchased a significant portion of Goodman Group shares sold by Citi after a mispriced block trade by China Investment Corporation. (The Australian)

• Wrinkles Schminkles, an Australian anti-wrinkle patch brand, is seeking a strategic partner to accelerate global growth. (AFR)

• Sonic Healthcare is acquiring Germany's Laboratory Group Dr. Kramer & Colleagues for €423m. (Capital Brief)

• China has launched an antitrust investigation into Nvidia over concerns about its 2020 acquisition of Mellanox Technologies. (AFR)

• Superloop is acquiring Uecomm from Optus for $17.5m to expand its fiber network in major Australian cities. (BNA)

•  Omnicom Group is acquiring Interpublic Group to create the world's largest advertising company. (WSJ)

• Barington Capital and Thor Equities push Macy’s to unlock up to US$9b in real-estate value, slash spending and explore spinning off Bloomingdale’s and Bluemercury. (WSJ)

Capital Markets

• KPMG's latest Fintech Landscape survey indicates that the fintech winter is still affecting Australia's fintech industry, with a decline in active fintech firms. (Capital Brief)

• Keyview Financial Group has secured a $100m funding deal from Goldman Sachs to expand its lending activities. (AFR)

• Citi is shortlisting candidates for its Australia and New Zealand head of investment banking role, with potential candidates coming from both internal and external sources, including Barrenjoey. (The Australian)

• Applied EV is considering an ASX listing as it launches a new driverless car with Suzuki. (Capital Brief)

• Capital-owned Estia Health is securing $300m in new mezzanine financing to expand its aged care business in Australia. (AFR)

• Woolworths has reopened four distribution centres that were closed due to a strike, but expects ongoing financial impact. (Capital Brief)

VC

• New Zealand AI startup Grw AI raises NZ$2.4m in a pre-Seed round and relocates to San Francisco. (Startup Daily)

• Lockyer Valley Foods is seeking $50m to build a new fruit and vegetable processing factory in Queensland. (BNA)

People moves

• AirTrunk employees are receiving significant bonuses as the Blackstone acquisition nears completion. (AFR)

• Fintech Australia has appointed Jodi Ross and Jodie Imam to its board. (Startup Daily)

• Herbert Smith Freehills is facing backlash after a partner's offensive tweet following the attack on a Melbourne synagogue. (AFR)

• Former Pendal CEO Emilio Gonzalez is joining the board of Brisbane-based fund manager DNR Capital. (AFR)

• ANZ has appointed Nuno Matos, a former HSBC executive, as its new CEO to replace Shayne Elliott who is retiring. (Capital Brief)

• Jay-Z accused in lawsuit of hurting 13-year-old girl with Sean ‘Diddy’ Combs. (WSJ)

• UnitedHealth CEO Brian Thompson's murder suspect identified as Luigi Mangione, arrested in Pennsylvania after a nationwide manhunt. (WSJ)

The watercooler