Yesterday
These women are conquering Aussie dinner tables, one lasagne at a time
The Dinner Ladies began with two women selling home-cooked meals to friends. It now delivers 40,000 meals a week and is expanding in a $2 billion market.
This Month
ASX’s James Hardie waiver is not in the market’s best interests
The bourse has set a terrible precedent by being complicit in undermining shareholder democracy.
Asbestos victims want compensation assurances from James Hardie
The building materials giant will shift its primary listing to New York under a plan to merge with American group Azek.
$500m revenue family-owned pork processor kicks off sale; flyer out
BE Campbell has grown revenue 130 per cent over the past 15 years and is forecast to deliver more than $500 million revenue this financial year.
Sanjeev Gupta refuses to hand over control of Whyalla port
KordaMentha has taken the British industrialist to court, claiming he refuses to hand it control of the town’s port, jeopardising plans to find a new owner.
Investor wants government review of James Hardie waiver on $14b Azek deal
Long-term James Hardie investors say the Azek deal is value destructive and were disappointed by discussions with the company’s chair Anne Lloyd on Monday.
James Hardie chair to meet investors after backlash on Azek deal
The ASX waiver given to James Hardie for its $14 billion deal has hamstrung investors, who have stripped $5 billion but can’t block the unpopular transaction.
Allegro Funds inks $375m industrials exit
Five V will pick up Allegro’s majority stake in Questas, putting a roughly $375 million enterprise valuation on the hydraulics and water brands owner.
British car maker Jaguar Land Rover pauses shipments to US
The company, which makes luxury cars that include Jaguars, Defenders and Range Rovers, does not have manufacturing facilities in the United States.
ASX opens the door to the great James Hardie heist
Last week in broad daylight, the American pirates running James Hardie swept in and stole the company from its Australian shareholders. What did the ASX do?
Sanjeev Gupta’s InfraBuild reshuffles its debts to hold off default
The steel-making business said it would raise an extra $240 million from bondholders, already owed $880 million, and pay down other loans due next year.
Fitch Ratings says Gupta’s InfraBuild faces default within months
The sprawling steel business is the British industrialist’s last good asset. The credit agency says a breach of its lending agreement “appears probable”.
March
Gupta back spruiking ‘spirit of GFG’ at Cafe Sydney
Subtlety isn’t Sanjeev Gupta’s style, so it’s little wonder he isn’t even waiting for administrators to leave Whyalla before again burnishing GFG’s brand.
Ben Brazil’s InfraBuild lawsuit spurious and illogical: Gupta
In response to a New York lawsuit, the British industrialist said bond agreements expressly allowed the use of company funds to pay GFG Alliance creditors.
Trafigura puts Australian metal processing operations under review
In an interview, the trading house’s chief executive, Richard Holtum, said “uncompetitive” assets should be at least part owned by the government.
Whyalla steelworks in $60m emergency spend to secure coal supply
The steelworks’ administrators have secured coking coal from BlueScope, China and Indonesia to keep making steel after it was left with only three days’ supply.
US law firms threaten to sue over James Hardie and Azek’s merger plans
Three American law firms are threatening to sue the New York-listed group because the price is too low, while local analysts are worried the price is too high.
Sprintex launches capital raising; Alpine Capital on ticket
Sources said the deal had secured cornerstone commitments for 50 per cent of the book before the official launch.
Sanjeev Gupta’s InfraBuild delays accounts for third time in a month
Despite having circulated its unaudited half-year financial results to bondholders on March 3, it has repeatedly delayed a call to discuss the finalised figures.
James Hardie investors worried $14b Azek deal is overvalued
As the building material business’ stock price dived, chief executive Aaron Erter rejected concerns it had overpaid for outdoor products company AZEK.
James Hardie’s $14b bet exposes gulf between Aussie and US investors
The industrial logic of James Hardie’s big bet on US giant Azek is sound enough, but the price is already worrying investors.
Whyalla steelworks halted, millions in capex urgently needed
“Because of the underinvestment, inadequate maintenance and servicing of critical infrastructure, the steelworks are in a state of disrepair,” says KordaMentha.
Oceania Glass collapse brought on by failing machinery: administrator
The 169-year-old company was the country’s only manufacturer of architectural glass before its private equity owner, Crescent Capital, called in Grant Thornton last month.
Shipbuilder Austal preps $200m-plus equity raising; founder sells
Andrew Forrest’s Tattarang Ventures is expected to take up its pro-rata share of about $41 million to maintain its stake at 19.6 per cent.
Gupta’s InfraBuild sinks to $81m half-year loss as debts balloon
Documents circulated to lenders show the company, which runs furnaces in Sydney and Melbourne, bought $140 million in steel from the collapsed Whyalla plant.