With the ASX shut and many bankers taking a long weekend, listed M&A was in short supply on Thursday. But we spotted some interesting moves in the unlisted world.
It started off selling imported food to American miners in the goldfields in the 1880s, switched to producing horseradish in 1935, and now sells tomato ketchup and the like - to the tune of $890 million revenue a year.
Street Talk understands Kraft and UBS have been weighing strategic options. But talks have spilled out from behind the closed doors, and the question now is whether Kraft should open a data room.
CWP was marketed heavily included overseas, but the shortlisted parties we found on Thursday evening were all familiar Australian faces, including Origin Energy, Tilt Renewables and QIC.
They will now pull out their crystal balls and try to forecast things like power prices, interest rates and the infrastructure construction market - which should be fun in this environment.
American multinational Kraft Heinz has investment bank UBS helping assess options for its Australian business, including a potential carve out and sale to a trade or private equity buyer.
Origin Energy and AGL Energy will go head-to-head in a $4 billion battle for CWP Renewables, after their respective consortiums were shortlisted for the auction’s second and final round.
Genex Energy’s defied the odds to all but lock suitor Skip Capital and Stonepeak Partners into a 25¢ a share deal, with negotiations down to finalising the scheme implementation deed.
Canaccord Genuity and Euroz Hartleys have dusted off listed African gold play Firefinch’s $90 million recapitalisation, clearing the path for its shares to trade again after three months.
You have received this email because you are subscribed to Street Talk First Look with the email address: newsletter@newslettercollector.com
