☕️ Tesla's Swedish PlateGate

Tesla won a court victory in one of its most lucrative markets

Good morning.

Tesla won a court victory overnight in Sweden, where an industrial dispute was threatening to pull the brakes on its operations in lucrative Nordic markets. Employees at PostNord, the country’s postal service, had blocked the postage of registration plates to Tesla in an act of solidarity with ongoing strikes from workshop mechanics in the country.

Tesla filed a lawsuit over the issue, and the courts sided with the company.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Adore Beauty shares soared 20% on Monday after the online beauty retailer turned down a takeover bid from UK ecommerce business THG. Adore’s board rejected the takeover offer of $1.25-1.30 per share, assessing THG’s offer undervalued the company.

Despite Monday’s surge, ABY shares remain at a discount to THG’s offer. ABY shares are yet to trade above their 2020 issue price of $6.75.

The quick sync

  • Australia is having a deep tech moment (Capital Brief)

  • Amazon has become the largest delivery business in the US, eclipsing UPS and FedEx. (Wall Street Journal)

  • Elon Musk’s Starlink will only be allowed to operate in Gaza with Israel’s approval. (Financial Times)

  • Paydock secures partnership with CBA to offer its payment solutions to the bank’s merchant customers. (Capital Brief)

  • US consumers were expected splash a record US$12.4b on Cyber Monday shopping. (Reuters)

  • Lawyers say the ACCC’s warning that the rise of AI could entrench Big Tech’s dominance puts the focus on a review of competition policy. (Capital Brief)

Trading floor

M&A

  • Tietto Minerals rejected a $629m takeover bid from Hong Kong’s Zhaojin Mining. (AFR)

  • Estia Health is still eyeing the acquisition of Blue Cross amid Bain Capital's privatization. (The Australian)

  • Perseus Mining acquires a 15% stake in OreCorp to block Silvercorp Metals' $260m takeover bid. (AFR)

  • The Oatley family, owners of luxury resort Hamilton Island, has suspended sale plans as offers fall below the desired $1bn mark. (The Australian)

  • BGH Capital discovers issues in Healius's medical and dental centres purchased for around $500m two years ago. (AFR)

  • Collins Foods interim results attract attention amid potential Guzman y Gomez deal. (The Australian)

  • Adore Beauty rejects a $122m takeover proposal from UK-based THG; shares surge 20%. (AFR)

  • Speculation emerges about the potential sale of Lendlease's construction arm. (The Australian)

  • Procedural voting issue in Origin Energy's $20bn deal may impact voter turnout, favoring opponents like AustralianSuper. (AFR)

  • Kayla Itsines and Tobi Pearce have reacquired Sweat, the exercise app they sold in 2021. (Startup Daily)

  • The sale process for Federation Mining’s Snowy River gold project has been delayed (AFR)

CAPITAL MARKETS

  • EV play Jet Charge has hired UBS to help it raise $70m. (AFR)

VC

  • Soho, AI-driven property tech, secures $750k from Feedback Ventures, valued at $20m. (AFR | BNA)

  • Conscious Investment Management closes the first round for a $200m social housing fund. (AFR | BNA)

  • The Federal government launches $392m program to propel Australia’s tech growth. (Capital Brief)

  • Upworth raises $1m in seed round with backing from McKinsey and local startup founders. (AFR)

  • HSBC Australia aims to be the first major bank to offer venture debt following Silicon Valley Bank's collapse. (AFR)

  • Edrolo, an Australian education startup, lays off staff amid AI disruption after a $40m investment. (AFR)

  • Carepatron, a New Zealand healthtech startup, secures A$6m in a Seed round led by Blackbird Ventures and TQ Ventures. (Startup Daily)

People moves

  • Deutsche Bank hires Emma-Jane Newton from Morgan Stanley to head its Australian and New Zealand investment banking team as it returns to local dealmaking. (AFR)

  • Former Rio Tinto executive Ivan Vella appointed CEO of miner IGO, starting next month. (Capital Brief)

  • Mark McNamara, co-head of private capital at King & Wood Mallesons, is taking a six to 12-month sabbatical after more than 25 years in the industry. (AFR)

☝️ Know about a deal or people move we don’t? Hit reply.

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