☕️ Watershed moment

The PM has touched down in China for a historic visit

Good morning.

The PM has touched down in China for a historic visit to the country - Australia’s biggest trading partner - where he is set to meet with President Xi Jinping.

After a rocky few years the relationship between Canberra and Beijing is clearly on the mend. But it’s unlikely to ever return to what it once was.

It also remains to be seen whether highly important diplomatic catch-up sparks any viral internet moments, like Xi’s encounter with a lavender bear on his visit to Tasmania in 2014.

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MARKET MOVERS

Market News: Treasury Wine Estates resumed trading after it completed the institutional component of an $825 million equity raising at $10.80/share.

The fresh capital will be used to fund its acquisition of California based winemaker Daou Vineyards, which the company hopes will help solve its long running woes in the US market, and over and above that, provide it with its next global hit after Penfolds.

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THE QUICK SYNC

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  • Saudi Arabia’s oil production cuts have tipped its economy into reverse (CNN Business)

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TRADING FLOOR

M&A:

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  • AustralianSuper made a late move to join the Brookfield consortium bidding for Origin (The Australian).

    • Brookfield and EIG intensify the campaign to gain support for Origin Energy takeover amid opposition from AustralianSuper. (AFR)

  • Cerberus Capital is circling Austal, as JPMorgan restarts the auction for the defence company (AFR)

  • Sara Lee looks to expand its brand overseas, as sale documents circulate among potential buyers. (AFR)

  • Bankers emphasise focus on AustralianSuper to avoid losing $50m in fees if Origin Energy sale fails. (The Australian)

  • Intermediate Capital Group and Partners Group are among the strong contenders in Cura Group sale. (The Australian)

Capital Markets

  • The ASX is pinning its hopes on an IPO resurgence in 2024 (Capital Brief)

  • Anchorage Capital raises $500m+ for Fund IV in pursuit of Southern Cross Media with ARN Media. (AFR)

  • Chrysos Corp to raise $75m with Barrenjoey and Shaw and Partners as brokers. (AFR)

  • Mosaic Brands hires Deloitte for a loan refinancing as Black Friday and Christmas season approaches. (Capital Brief)

  • Debt levels at Tanarra-invested Lendlease and Healius prompt queries about possible equity raising. (The Australian)

  • Accolade Wines faces debt challenges with upcoming maturities. (AFR)

VC:

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Others:

  • Human VC’s Elaine Stead on championing women in startups and her approach to investing (Capital Brief)

  • Kinetic Group expands into rail networks in the UK and Norway, and plans to enter Australia's train and tram contract competition. (AFR)

  • Ocean Equities hires Elaine Faddis from Jefferies for a corporate finance role in the natural resources sector. (AFR)

THE WATERCOOLER