☕️Trouble in WigglesWorld

Good morning.

Toot toot, chugga chugga, incoming lawsuit.

The AFR reports that former CEO of the infamous Australian kids entertainment group, The Wiggles, has filed a claim under the Fair Work Act in the Federal Court after leaving his post less than two years after joining the group.

While the precise nature of Luke O’Neil’s gripe remains unknown at this stage, the claim alleges The Wiggles breached the general protections it owed him as an employee. Specifically, against Blue Wiggle Anthony Field, along with the Wiggles’ holding company and its general counsel Matthew Salgo. That’s undoubtedly a hot potato hot potato to juggle.

The Wiggles certainly feels a little different these days, with new cast member the ‘Tree of Wisdom’ recently announcing his own spin-off tour on the back of Rattlin’ Bog success.

🏆 LOI Subscriber #TBD

Market movers

AGL shares plunged Wednesday after missing earnings expectations and cutting its dividend, as weak guidance and mounting capital demands force the energy giant to consider selling off wind assets to bankroll its battery buildout.

The quick sync

• CBA’s Matt Comyn lands one more swing at big tech’s economic freeloading while backing AI at home and abroad. (Capital Brief)

• Australia can lead on AI by rejecting the false choice between innovation and protection and setting smart, balanced rules that support both, writes Hannah Moreno. (Capital Brief)

• Pro Medicus' $10m bet on 4DMedical has set tongues wagging as investors weigh high-stakes terms and a play for lung imaging dominance. (Capital Brief)

• Labor is weighing reforms to force tech giants to disclose the content used to train AI, aiming to help creators enforce copyright. (AFR)

• AGL is scrambling to plug a capital shortfall as coal exits loom, eyeing wind project sell-offs to bankroll its battery buildout. (Capital Brief)

Trading floor

M&A

• CBA teams with OpenAI to fight scams and boost service. (Capital Brief)

• Tyro investors urge action after takeover interest. (AFR)

• Elanor Investor Group rejected Lederer Group’s claims about its property fund strategy amid an unsolicited takeover bid. (Capital Brief)

• Aurora Healthcare’s Chinese owner seeks sale via Citi. (AFR)

• Capricorn completes $1.5m Mongers Lake gold deal. (Capital Brief)

• PEP joins race to buy NZ healthcare giant Tamaki Health for $400m+. (The Australian)

• Computershare tips deal growth, calls PointsBet vote error isolated. (AFR)

• AGL Energy may sell wind projects to fund $3b transition. (Capital Brief)

• ICA Partners selling 49% stake in 2GW+ Queensland renewables projects. (AFR)

• Humm founder Andrew Abercrombie secures backer for $286m takeover bid. (The Australian)

• Pro Medicus’ $10m 4DMedical deal seen as one-sided. (Capital Brief)

• ADNOC calls Stokes’ Santos bid criticism self-serving. (AFR)

• WiseTech’s $3.2b e2open buy sparks ACCC competition concerns. (AFR)

• John Laing eyes 60% stake in Sydney desal plant. (The Australian)

• Francisco Partners circles a sale of BeyondTrust as cybersecurity deal fever tempts PE and industry buyers. (Bloomberg)

Capital Markets

• CBA delivers $10.1b profit and ups dividend to $2.60, but shares slide on ‘just OK’ result and soft FY26 guidance. (Capital Brief)

• IAG profit jumps 21% to $1.74b, dividend up to 19c. (Capital Brief)

• Treasury Wine profit soars on booming Penfolds sales in Asia. (Capital Brief)

• Politico eyes Australian expansion with execs’ visit. (AFR)

• Dexus Industria REIT returns to profit on valuation gains. (Capital Brief)

• Avita raises $23m at discount via MST-led deal. (AFR)

• Infratil cuts Longroad, Galileo valuations; Qscan gains. (Capital Brief)

• AGL posts $98m loss, trims dividend, warns of lower FY26 profit. (Capital Brief)

• Entain reserves $100m for AUSTRAC settlement. (AFR)

• Amotiv posts $106m loss on APG writedown, keeps dividend flat. (Capital Brief)

• Evolution profit jumps 119% on record gold output, price surge. (Capital Brief)

• Ecotone raises $25m for climate tech fund backed by Wollemi Capital. (AFR)

• Equity Trustees rejects WA finding over $12m Noongar property loss, faces $21m claim. (Capital Brief)

• High Court clears PepsiCo of $29m tax liability in bottling case. (Capital Brief)

• NAB fined $15.5m for failing to address customer hardship notices. (Capital Brief)

• KordaMentha sued over alleged misuse of client data in Cleanaway deal. (AFR)

• Tencent earnings surge on AI-fuelled gaming growth. (Capital Brief)

• Bullish surges 143% in US$1.1b IPO debut. (Capital Brief)

• Oracle cuts jobs in cloud infrastructure unit amid AI spending. (Bloomberg)

• Paramount Skydance is being called the latest meme stock after surging 60% (Business Insider)

• Apple plots expansion into AI robots, home security and smart displays. (Bloomberg)

• Private equity’s growing use of continuation vehicles and CV-squareds is facing mounting investor scrutiny as exits remain elusive. (Bloomberg)

• Trump signals he’ll announce Fed chair pick ‘a little bit early’ (Bloomberg)

• China's decision to block and return an Australian antimony shipment bound for a US defence supplier causes alarm. (The Australian)

VC 

• SprintSuite raises $3.5m to expand mining-focused platform. (Startup Daily)

• Corrs CEO Gavin MacLaren’s $6m start-up loses public ties to firm. (AFR)

• Adiona Tech wins Startup World Cup Sydney, heads to global finals. (Startup Daily)

• Queensland opens $180.6m fund for defence, biomedical, and biofuels. (Startup Daily)

People moves

• Arena REIT’s annual profit rose 42% to $81 million on higher rents and portfolio changes, as CEO Rob de Vos resigns and CIO Justin Bailey is named successor. (Capital Brief)

• Alceon hires Goldman Sachs veteran Jaan Piirlaid. (AFR)

• Advisors urge Articore investors to reject board spill bid. (Capital Brief)

• Bravura’s chairman Matthew Quinn quits amid shareholder tensions, CEO already gone. (The Australian)

The watercooler