☕ State of Origin

Good morning. Just one night to go until Netflix drops Season 5 of Drive to Survive, which should hopefully capture the drama behind McLaren one Aussie (Riccardo) for another (Oscar Piastri) Not the worst outcome for Riccardo, who will still net $20-odd million this year even though he's not driving.

Good morning. Just one night to go until Netflix drops Season 5 of Drive to Survive, which should hopefully capture the drama behind McLaren one Aussie (Riccardo) for another (Oscar Piastri)

Not the worst outcome for Riccardo, who will still net $20-odd million this year even though he's not driving.

    LOI Subscriber #TBD

    MARKET MOVERS

    *Stock data as of the market close. Commodities and crypto data in USD.

    Market news: The State of Origin's buyout deal is looking good for shareholders with Broofield and EIG firming up their bid — reducing it slightly from $9 to $8.90.

    There's one final hurdle to clear with the revised bid conditional on "completion of black box due diligence", but that should be relatively uncontroversial at this stage.

    TRADING FLOOR

    M&A:

    • Origin Energy’s got a re-confirmed bid of $8.90 a share. (AFR)

      • Origin investors have initially approved a marginally reduced $18.2bn takeover proposal. (AFR)

      • Origin’s gas price appears to be a key factor when it comes to getting EIG over the line for a $15bn buyout proposal. (The Australian)

    • Coca-Cola Europacific Partners is ready to strike a deal for its secretive coal royalties in Queensland. (AFR)

    • Teck Resources' sweeping overhaul could likely make it an attractive target for larger rivals. (AFR)

    • News Corp’s plans to sell its US real estate business, Move, are off. (AFR)

    • Coronado Global Resources has signaled it will be a suitor for the coal assets BHP is selling. (AFR)

    • Ramelius Resources could target Gascoyne Resources or merge with WestGold as part of its efforts to grow operations. (The Australian)

    • MoneyMe is said to be on the market and looking for a buyer. (The Australian)

    Capital Markets:

    • Star Entertainment is believed to be positioned for an $800m equity raising by Friday. (The Australian)

      • Bruce Mathieson is believed to have built a stealth stake w/ plans to chip into the discounted equity raising by The Star. (AFR)

    • Block trades for Coles and Worley knocked back by the vendors. (AFR)

    • Wilsons is drumming up interest in a $30m growth capital funding round for material testing company, Southern Innovation. (AFR)

    VC:

    • DataMesh, a payments software scale-up, has raised $30m in a Series A led by NAB Ventures. (StartupDaily)

    • Our Cow, an ag-tech startup, has raised $1.5m in 24 hours via crowdfunding. (StartupDaily)

    • Chronicle, a presentation platform, has raised $7.5m from Accel & Square Peg. (StartupDaily)

    • Immutable, a crypto startup, is cutting 11% of its staff. (SMH)

    Others:

    • QIC poaches another AMP infrastructure old-timer. (AFR)

    THE QUICK SYNC

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    THE WATERCOOLER

    THE TRADE

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