☕ Worst is yet to come

Good morning. Not much positivity on the market out there by the looks of it with ~90% of the 600 folks who voted believing that the worst is yet to come in the markets. Hopefully, Yellen's reassurances overnight help fight off the contagion we're in.

March 22, 2023

Good morning. Not much positivity on the market out there by the looks of it with ~90% of the 600 folks who voted believing that the worst is yet to come in the markets. Hopefully, Yellen's reassurances overnight help fight off the contagion and fears spooking the markets.

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MARKET MOVERS

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

Market news: Wyloo Metals — owned by Twiggy Forrest — made a $1.40/sh offer for the nickel miner Mincor Resources. 

Investors are betting on a Noront Resources-esque bidding war to break out, with Mincor closing 8c above the offer price.

Noront was the last nickel miner Wyloo went after, which saw them more than triple their initial bid of C$0.315 to C$1.10/sh after BHP battled against them in a bidding war. 

THE QUICK SYNC

  • US police forces on alert ahead of possible Donald Trump arrest. (BBC)

  • Two KPMG partners have moved to growing consulting firm Ankura. (AFR)

  • Rupert Murdoch: Another wife, another twist in the succession plan. (SMH)

  • Sydney lawyer has been sentenced to up to 12 years prison for laundering $24m (AFR)

  • CS’s Shane Galligan, an Aussie money-manger, is rumoured to have as much as $10m in Credit Suisse deferred equity. (Australian)

  • JPM advising First Republic on strategic alternatives as banks face collapse. (CNBC)

  • IMF has approved a $US3bn bailout program for Sri Lanka. (SMH)

TRADING FLOOR

 M&A:

  • Wyloo's takeover bid for Mincor Resources has fingers pointing to BHP as a potential counter bidder. (AFR)

    • Mincor seeks better offer after Forrest bids $760m. (SMH)

  • First Sentier Investors has picked up a majority stake in AlbaCore Capital Group. (AFR)

  • Incitec Pivot gets $2.5bn for Waggaman plant, but a demerger is still in question. (AFR)

  • FTI gives Schramm Australia a few more weeks to firm up their final bids. (AFR)

  • Origin stressing about whether Brookfield/EIG will stand up their $18.2bn offer. (AFR)

  • MA Financial is set to buy Goldman Sachs’ d’Albora Marinas. (AFR)

  • Healius’ board is said to have met to determine how to defend against ACL's offer. (AFR)

    • ACL unlikely to succeed with Healius offer, analysts say. (AFR)

  • NAB reportedly has its eyes on Credit Suisse private bank. (Australian)

    • Swiss MPs and investors are poised to challenge takeover of Credit Sussie. (AFR)

    • Credit Suisse’s proposed IB spin-off from the bank is in doubt. (AFR)

  • Helloworld Travel acquires more than a third of Australiareiser. (BNA)

  • Awaken has acquired digital marketing agency Agnes Media. (BNA)

  • Stonepeak is believed to be lining up not only for Ixom, but pallet pooling company Loscam as well. (The Australian)

  • ACCC would focus in the Victoria’s pathology industry should a merger between Healius and Australian Clinical Labs gain traction. (The Australian)

Capital Markets:

  • Redox has asked UBS to reboot investor marketing for its mooted IPO. (AFR)

  • Virtual Gaming Worlds launches $251m buyback, no sign of IPO. (AFR)

VC:

  • Mindset Health, a hypnotherapy medtech, has raised a US$12m (A$17.8m) in a Series A led by King River Capital. (StartupDaily)

  • Alex Bank’s in talks with investors about a $20m raising at a $130m pre-money valuation. (AFR)

Others:

  • Till Payments has found a new CEO to replace co-founder Shadi Haddad (AFR)

  • The European Central Bank and the Bank of England reaffirms the rights of bondholders in a banking crisis (AFR)

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THE TRADE

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