☕️ Willing & Abel

Good morning.

CEO-elect of Berkshire Hathaway has shown he is willing and Abel to carry the mantle as Warren Buffett’s successor, making his deal debut with the purchase of Occidental Petroleum’s OxyChem.

The USD9.7 billion ($14.68 billion) cash agreement was the first deal masterminded by Greg Abel since being tapped for the hallowed role in May this year.

While it probably makes sense that the best stock picker in history would probably make a sage decision about his successor, let’s just hope that the Oracle of Omaha’s legacy doesn’t devolve into the Non-starter of Nebraska. No pressure.

🏆 LOI Subscriber #TBD

Market movers

Shares in Liontown Resources climbed 9.7% Thursday as lithium miners rebounded, with Pilbara Minerals, IGO and Mineral Resources also higher.

The quick sync

• Historic laws in Victoria, NSW and South Australia mean Halter’s smartwatch-style cow collars are legal across one paddock border but banned across the next. (Capital Brief)

• The Tech Council is in talks with members on how to reform copyright so AI platforms can train on protected works while ensuring creators are paid. (Capital Brief)

• AGL shareholders are being urged to reject the company’s climate transition plan, with ISS and ACCR warning it only partially discloses targets and is not Paris-aligned. (Capital Brief)

• Australia’s win over Clive Palmer in The Hague may still leave taxpayers millions out of pocket. (Capital Brief)

• ‘Crazy, right?’: more PE funds than McDonald’s signals pressure. (Bloomberg)

Trading floor

M&A

• Dexus Industria REIT buys $47.5m Melbourne warehouses. (Capital Brief)

• EMR Capital advances sale of Queensland’s Kestrel coal mine with Latimore, JSW appraisals. (AFR)

• Catalano eyes Nine’s radio assets, may use Southern Cross stake as payment. (The Australian)

• Allan Gray chief apologises for harsh Southern Cross merger remarks. (Capital Brief)

• Grant Thornton hires Greenhill to explore stake sale after investor interest. (AFR)

• Dexus reconsiders $2b Campus Living Villages acquisition. (The Australian)

• KKR readies MYOB sale, targeting bidders in Australia and North America. (AFR)

• Berkshire to acquire OxyChem for USD9.7b; Occidental trims debt, shifts focus to oil and gas. (Capital Brief)

• Morgan Stanley supports Eagers’ $1b CanadaOne deal, citing growth opportunities despite expansion risks. (The Australian)

• SunCable explores NT data centre deal with global tech giants. (AFR)

• Uber buys Belgian startup Segments.ai as it seeks to expand its nascent data-labeling business. (Bloomberg)

Capital Markets

• G7 to tighten restrictions on Russian oil trade and its facilitators. (Capital Brief)

• Mineral Resources secures $1.1b debt raise to refinance 2027 notes. (Capital Brief)

• Mint Innovation and 6K Additive line up ASX IPO roadshows before year-end. (AFR)

• ASIC lifts stop order on La Trobe US Private Credit Fund. (Capital Brief)

• Gold stocks surge as bullion hits record USD3,895. (Capital Brief)

• Rio Tinto seeks new bankers for mineral sands review under CEO Simon Trott. (AFR)

• ASX lithium stocks jump after US backs Lithium Americas. (Capital Brief)

• AGL investors told to reject climate plan. (Capital Brief)

• OpenAI hits $500b valuation after $6.6b share sale. (Bloomberg)

• Zeller begins UK expansion, hires ex-ByteDance exec to head London office. (Capital Brief)

• AustralianSuper takes $456m, 8.5% stake in Whitehaven coal. (AFR)

• Tesla surges past forecasts with record Q3 EV sales ahead of expiring US tax credits. (Capital Brief)

• US September hiring slumps to 2011 low, job cuts ease — Challenger. (Capital Brief)

• Tech Council seeks copyright compromise to secure AI data centre investment while ensuring creator payments. (Capital Brief)

• Markets remain desensitised to shocks as the US shutdown drags on, though Trump’s brinkmanship raises the stakes. (Capital Brief)

• Jon Adgemis has bankrupted himself to avoid a Tax Office showdown, but liquidators will still push for a public reckoning over his $1.8b downfall. (AFR)

VC 

• NZ unicorn Halter is expanding its virtual fencing technology for cattle, but is stalled in Australia due to state bans on its tech. (Capital Brief)

• Melbourne-based payments startup Zeller commits $20m to UK expansion. (AFR)

• Javln secures NZD6m to expand into Australia and boost R&D. (Startup Daily)

People moves

• Michael Stephenson to replace Ciaran Davis as ARN CEO in January. (Capital Brief)

• Ex-Smiggle boss John Cheston poaches five top staff, pressuring Solomon Lew’s Premier. (AFR)

• BlueScope adds John Nowlan to board as Peter Alexander retires. (Capital Brief)

• Goldman Sachs hires HMC’s Robbie Vanderzeil to lead Australian ECM. (AFR)

The watercooler