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The Australian Business Review
 

Good morning,

Mining giant BHP has one week to woo Anglo American, which has agreed to talks after rejecting its persistent suitor's latest 'final’ near-$74bn takeover bid.

A deal to extend the lifespan of NSW’s Eraring coal power station could be announced within days, following months of negotiations between the state government and Origin Energy, but any agreement to use taxpayer funds will stoke criticism from environmentalists.

The plot thickens surrounding takeover talk for Star Entertainment, with Brisbane developer Patrick Farrugia, who claims he has "long-standing arrangements" with Hard Rock International, unwilling to shed light on whether he has been served with a “cease and desist” notice to stop using the US brand's name in a bid for the troubled casino group.
Perry Williams
Business editor
The markets


Making news this morning
1
Gurner’s health club finds new perch in Kestelman’s tower
Fancy wellness spots such as Tim Gurner’s growing Saint Haven clubs are replacing ritzy night clubs in Melbourne’s most exclusive suburbs.
2
Snowy Hydro between a rock and a hard place
The $12bn Snowy Hydro 2.0 project has hit another stumbling block, with excavation work grinding to a halt after tunnel boring machine Florence became stuck in hard rock.
3
Lendlease chair to exit after investor revolt
Former banker Michael Ullmer plans to leave the beleaguered developer in November, which could spark more unrest as big investors have flagged they want him to leave more quickly.
Editor's picks
MARKETS
Local bourse ripe for ‘melt-up’: UBS
Sticky inflation has delayed and limited the amount of rate cuts expected in the US and Australia, but that won’t not stop the local sharemarket hitting fresh highs if the US keeps rising.
By DAVID ROGERS
MARGIN CALL
Packer piles into property market
James Packer’s deals in property seem to be piling up by the week, with the latest play at a developing precinct in the shadow of Melbourne’s West Gate Bridge.
By YONI BASHAN, CHRISTINE LACY
PROPERTY
We’ve done it before so let’s make housing cheap again
Australia found a solution to the post-war housing crisis and we can do it again to an even higher standard of living in a model that can be rolled out across Australia.
By BERNARD SALT
Commentary
How the mines BHP rejected forged their own path
By ERIC JOHNSTON
Associate Editor
Nearly a decade on from the messy divorce from BHP, South32 has rebuilt itself. What are the lessons for Anglo American?
Believe it or not, financial scam losses are shrinking
By JAMES KIRBY
Wealth Editor
Despite perceptions to the contrary, new banking data suggests the amount being lost to scammers has declined over recent months.
Dataroom
→ Lendlease loses local construction boss ahead of restructure
Top executives at real estate developer and builder Lendlease are resigning ahead of the group’s plan to axe thousands of jobs.
→ Goldman Sachs to advise on Webjet separation
Webjet has tapped investment bank Goldman Sachs for its demerger that analysts consider to be well played by the $3.3bn online travel agency.
→ HMC Capital snaps up GrainCorp ‘opportunity’
HMC Capital has grabbed a 5 per cent share of GrainCorp, reinforcing analysts’ thoughts the group is currently undervalued.
 
 
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