Stokes, Northern Star back Genesis strategy; Caledonia fund wipes out 53pc; Vodafone NZ towers suitors get serious

Good evening,

Genesis Minerals kicked off the week with a bid for the down-and-out Dacian Gold.

Street Talk knew the two had been chit-chatting. But Genesis copped up to its talks with St Barbara at the same time, which was a surprise. St Barbara has long been talked of (including by us) as a potential target, but as one that had operational issues to square off before it could get a bid.

The Genesis-St Barbara talks are at an earlier stage than the Genesis-Dacian talks, and the two companies will spend some time on straightening out the synergies.

Still, it’s a relief for everyone to see the two deals play out. Talk of M&A among gold miners is as old as the hills, but bankers and mining bosses have rarely pulled the trigger.

Elsewhere, we got our hands on Caledonia’s returns for FY22, UBS and Barrenjoey were calling for bids for Vodafone NZ towers, and PE firm Roc Partners was setting up a Victorian steel play.

Lastly, we look at Canaccord’s Tassal share shopping spree for Canadian seafood giant Cooke.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors