☕️ Lion’s Den

Good morning.

As ANZ chief executive Nuno Matos was handing down his first full-year result at the Big Four bank, disaffected former employees were on Reddit forums plotting ways to get revenge for being laid off.

"I honestly can't wait to read about how ANZ crash[es] and burn[s]," one departing employee wrote on the social platform. "100% voting for a second strike. Only way we will get some accountability for these incompetent clowns," another said.

In one of just a handful of interviews he has accepted since he took over the $100 billion bank in May, Matos told Capital Brief the comments don’t rankle him. "I manage what I can manage. And what I can manage is our customers, our processes, our propositions, our products," he said.

Lions may not concern themselves with the opinion of sheep, but with up to 4,500 sheep on the chopping block one wonders if ever there comes a tipping point.

🏆 LOI Subscriber #TBD

Market movers

Shares in Liontown Resources jumped 12.8% as part of a broader rally in lithium miners on Monday, helping lift the ASX 0.75% higher, with gains in tech and materials sectors leading the market.

The quick sync

• Sydney medtech startup Vexev proves scan robot works without specialists in US dialysis clinics. (Capital Brief)

• ASIC’s public market proposals lack detail and visibility amid focus on private capital reform, corporate lawyers say. (Capital Brief)

• StrongRoom AI collapse under fresh scrutiny as court examines unpaid ATO debts, director conduct and funding gaps tied to $8.8m MBA acquisition. (Capital Brief)

• The Fed’s focus on avoiding recession contrasted with the RBA’s inflation fight at a Sydney conference. (Capital Brief)

Trading floor

M&A

• CVC teams up with EQT on AUB’s $5.3 b bid; talks extended to Dec 4. (Capital Brief)

• AGL sells $750m Tilt Renewables stake to Future Fund and QIC. (Capital Brief)

• PEXA eyes UK stake sale with Flagstaff, while Australian volumes rise and NatWest remortgage launch planned. (The Australian)

• Perennial takes 50% of Balmoral, uniting microcap funds under $150m AUM with a dedicated team. (Capital Brief)

• Investors warn new ACCC merger rules risk deals as notifications double. (AFR)

• Downer wins $750m Chevron maintenance deal in WA. (Capital Brief)

• KKR taps Macquarie to sell Ritchies, aiming to repeat the success of the Kinetic-TPG deal. (The Australian)

• Cosette to appeal court ruling blocking its Mayne Pharma exit; FIRB approval and potential plant buyers could influence outcome. (Capital Brief)

• KKR offloads Novaria to Arcline in USD 2.2b deal after tripling company’s size. (Capital Brief)

Capital Markets

• ANZ profit drops 14%, bonuses cut, but shares rise on confidence in new CEO’s strategy. (Capital Brief) (Capital Brief)

• Iress targets higher margins and tightens guidance as buyout talks continue. (Capital Brief)

• DroneShield retracts false $7.6m US deal after shares surge 8.5%. (Capital Brief)

• Mint Innovation pauses $299m ASX IPO amid falling metals sector sentiment. (AFR)

• Monadelphous shares jump on strong revenue growth forecast. (Capital Brief)

• Craveable Brands’ profit falls 20% amid tough fast food market and leadership changes. (AFR)

• Worley may reward investors with capital returns as it gains from the mining boom, favoring returns over acquisitions. (The Australian)

• MA Financial to list floating rate notes, eyes $700m Hyperdome buy. (Capital Brief)

• Kinetic’s Foresight to raise $500m continuation fund for 30% stake, retaining management after $4b TPG deal. (AFR)

• ARENA invests $45m in Fortescue’s Pilbara solar hub to cut utility-scale solar costs. (Capital Brief)

• NextDC shareholders urged to reject $150m CEO pay plan for Craig Scroggie. (AFR)

• RBA’s Hauser says stagflation risk is low, urges more business investment to ease capacity limits. (Capital Brief)

• Paradice eyes board action at Deep Yellow after 30% share slump. (AFR)

• Dyno Nobel narrows loss and beats forecasts, lifting FY26 earnings outlook. (Capital Brief)

• Energy Bay raises $215m to boost embedded solar and battery networks. (AFR)

• Rixon Capital backs DelayPay with $30m debt for farm-focused BNPL loans. (AFR)

• Sydney economists spotlight global divide: RBA warns on inflation, US economist prioritizes avoiding recession and bubbles. (Capital Brief)

• Transformer failure delays BlackRock’s $1b Waratah super battery project. (AFR)

• ATO tax debts surface in StrongRoom AI court case as directors scrambled to fund MBA acquisition before the startup collapsed. (Capital Brief)

• TSMC reports slowest revenue growth since February as AI stock rally cools. (Capital Brief)

• Trump threatens USD1b lawsuit over BBC Panorama edit of Capitol riot speech. (Capital Brief)

• ASIC’s ASX revival plans overshadowed by private credit focus, lawyers say. (Capital Brief)

VC 

• ACTivate Capital’s $50m fund aims to back 10–15 Canberra startups, keeping talent and ideas local. (Startup Daily)

• Sydney medtech startup Vexev clinically proves world-first autonomous ultrasound robot in US dialysis trial. (Capital Brief)

People moves

• Nine Entertainment to cut up to 50 roles in streaming and broadcast amid cost-saving overhaul. (Capital Brief)

• Lucinda McCann named ASX chief compliance officer amid governance overhaul. (Capital Brief)

• Boss Energy’s ex-CEO Duncan Craib backs out of board return, to provide limited consultancy until January. (Capital Brief)

• Tesla’s cybertruck chief Siddhant Awasthi exits as China sales hit three-year low. (Capital Brief)

The watercooler