Good evening,

Street Talk’s sniffed out a monster deal in the works.

Looks like ASX-listed pallets giant Brambles is getting sized up by KKR.

The transaction is in “very, very early stages” and sure enough Brambles’ board fired off a denial on Tuesday afternoon.

But we hear Brambles’ global business is attractive to other buyout firms too. With takeovers commanding at least a 20 per cent premium, the battle for Brambles could easily be worth $18 billion.

Another ASX-listed company that got more action than it was hoping for today was Genworth Mortgage Insurance.

A mystery investor launched an afternoon raid and by 5:30pm had cornered 14.99 per cent of the company.

While the buyer (since confirmed to be Ares Management) vouched “no current intention” of a change of control transaction, the raid sent cheers among some Genworth investors who reckon management’s been too conservative of late.

Elsewhere, BAI Communication has kicked off a $2 billion odd broadcast and telco towers auction; BlackRock’s sold some solar farms to First Sentier; and a KPMG M&A partner is starting his own private investment business with some ex-clients.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors