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☕️Will Comyn call time?
Executive ranks across Aussie banks set for flux in 2024.
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Good morning.
As CBA chief Matt Comyn enters the six-to-eight year “optimum stretch” for a CEO, Capital Brief questions the likelihood of him sticking around the big bank. As the 49-year-old certainly “has another top executive gig in him,” the question more interestingly evolves into, where would he go? Unlikely to find a better pay packet on local shores, would he tread the path of NAB’s Ross McEwan or Westpac’s Brian Hartzer to the UK?
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ASX as at market close. Commodities and crypto in USD.
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Market movers
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Shares in Elders Limited plummeted 25% during trading yesterday to close at $7.43, after the agriculture and real estate group said first half trading was "significantly below" expectations, impacted by El Niño, low farmgate prices and sustained margin pressures. Elders expects underlying EBIT of between $120 million and $140 million for the 2024 financial year. The group's FY23 underlying EBIT was $170.8 million, a 26% drop compared to the previous year.
The quick sync
Tanarra Capital’s John Wylie asserts that his campaign to address Lendlease’s lacklustre performance is something he wants to tackle “in a constructive way.” (Capital Brief)
Blackbird reaped $800m from Canva’s secondary share sale. (AFR)
Woolworths launches $190m VC fund, W23 Global, alongside grocery giants. (Capital Brief)
Why investors have been ambivalent toward Australia’s pioneering decision to legalise the medical use of MDMA and psilocybin. (Capital Brief)
QIC prepares $1.2b debt facility to spend across its renewable energy power stations. (AFR)
M&A
The Future Fund has acquired a 19.8% stake in EastLink. (The Australian)
Qoria has enlisted RBC Capital Markets and Azure Capital as its defence advisors. (AFR)
Spain’s Naturgy and Kuwait’s Wren House Infrastructure have suspended the anticipated $4b sale of GPG Renewables Australia. (AFR)
WiseTech Global enters agreement to acquire Aktiv Data. (Capital Brief)
Bell Potter's Perth desk is reportedly working to find buyers for Mineral Resources' entire stake in Develop Global. (AFR)
Next Capital is gearing up to sell its controlling interest in Eptec. (AFR)
Madison Dearborn has reportedly made a bid to acquire human services provider APM for $1.40 per share. (The Australian)
Westgold Resources' $2.2b merger with Karora advances Bramwell's vision, but dual listing raises concerns. (The Australian)
Capital Markets
Ansell is now aiming to raise approximately $400m for the acquisition of Kimberly-Clark’s personal protective equipment business. (Capital Brief)
Palisade Impact is seeking an additional $100m from investors for its $450m fund. (AFR)
Australian startup Alta Group has quietly listed on the NYSE. (AFR)
VC
WA’s Purpose Ventures VC fund raises $45m and makes its first follow-on investment in PlanCare. (Capital Brief)
Honey Insurance raised $108m in a Series A round led by Gallatin Point Capital. (Startup Daily)
People moves
SkyCity Entertainment's chief operating officer, David Christian, has resigned. (Capital Brief)
☝️ Know about a deal or people move we don’t? Hit reply.
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The watercooler
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