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Good morning. It’s another week of inflation and interest rate decisions, but this time in the US. US inflation drops tomorrow, followed by the Fed rate decision the day after.

June 13, 2023

Good morning. It’s another week of inflation and interest rate decisions, but this time in the US. US inflation drops tomorrow, followed by the Fed rate decision the day after.

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MARKET MOVERS

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

Market News: Before the long weekend, Nickel Industries announced it was raising $943m from an Indonesian partner with the shares issued at $1.10/sh — a 27% premium to the last close.

The funds will be used to increase production at its nickel project in Indonesia.

THE QUICK SYNC

  • McInnes-Lew meeting fuels Myer job rumours. (Australian)

  • Westpac to cut 300 head office jobs. (AFR)

  • George Soros hands control of $25bn empire to 25-year-old son Alex. (BBC)

  • JPMorgan agrees to settle with Epstein victim in class action suit. (RT)

  • Five senior Credit Suisse executives leave in wake of UBS takeover. (FT)

  • Silvio Berlusconi, the boastful billionaire turned Italian PM, dies aged 86. (SMH)

TRADING FLOOR

M&A:

  • Fresenius Medical Care mandates Citi to run the Cura Day Hospitals sale process. (AFR)

    • Fresenius is believed to be targeting an end-of-year sale for Cura. (The Australian)

  • Hygain is understood to be in talks to acquire PAC Trading. (AFR)

  • Wesfarmers is expected buy InstantScripts for $135m. (AFR)

  • Universal Hotels has bought the Imperial pub in Sydney’s inner west. (SMH)

  • Macquarie, BP, and APA are among parties shortlisted for the WA assets of Alinta Energy. (The Australian)

  • Rio Tinto has MacCap advising it on its switch to renewable power sources in QLD. (AFR)

  • Ramelius is the obvious rival bidder for the $177m takeover target Musgrave Minerals. (The Australian)

  • Affinity Education and Guardian Early Learning are expected to put the sale processes on hold. (The Australian)

  • Amber Infrastructure is looking into mid-market deals in New Zealand. (AFR)

  • Geoff Wilson wrote to unitholders in Cordish Dixon PE Fund I, II and III, urging them to vote against the proposal for K2 Asset Management. (AFR)

  • Suncorp has dismissed Bendigo Bank’s insistence it could be a future merger partner. (AFR)

  • Flynn Restaurant Group acquired the Australian operations of Pizza Hut from Allegro Funds. (BNA)

  • Wesfarmers continues to be pointed to as the most likely buyer of Incitec Pivot. (The Australian)

  • Goodman Group is believed to be working on an REIT comprising data centres. (The Australian)

Capital Markets:

  • Redox is understood to have closed heavily oversubscribed late last week. (The Australian)

VC:

  • None

Others:

  • KKR New York’s Antonia Zou joins TPG Capital. (AFR)

  • Three of Ernst & Young’s transaction tax partners have jumped to Alvarez & Marsal. (AFR)

  • Seven Network’s executive Jason Morrison has departed the network after almost eight years as director of 7News Sydney. (SMH)

THE WATERCOOLER