Good evening,

It looks like a one-horse race for Woodside’s Pluto Train 2 development.

Canada’s Brookfield is seemingly out of the running, having released funding that banks were lining up to support the multibillion-dollar deal, leaving Global Infrastructure Partners as the only known contender for the 49 per cent stake.

Woodside has Morgan Stanley and Rothschild in its corner. The oil and gas company had been prepping infrastructure investors for years for this selldown and needs to have it finalised this year, ahead of construction starting at its Scarborough LNG development.

Elsewhere, dealmakers are taking out insurance policies to cushion themselves from post-deal surprises, the Harris family is understood to have an equity-based proposal and at least one credit offer on the table for Harris Farms, Alloggio is kick-starting its bookbuild for its $45 million IPO and MitchCap has closed a pre-IPO round.

Happy reading, Anthony Macdonald, Yolanda Redrup and Kanika Sood

Street Talk editors