Woodside’s Pluto Train 2 pitch; Wesfa rmers tests loyalty; Spark bidders unfazed

Good evening,

There’s nine reasons why Morgan Stanley and Rothschild & Co think you should buy Woodside’s stake in brownfield development Pluto Train 2.

With sale flyers in the air, the story they’re selling is the strong track record of the operator, the de-risk delivery thanks to Bechtel’s lump-sum contract and long-term contracted revenue stream.

Woodside is offering up 49 per cent of its stake in the joint venture.

The flyer seemed pitched to a long-minded infrastructure buyer, but time will tell who boards the train.

Elsewhere, Wesfarmers is ready to explain to the ACCC why it should be allowed to buy a fellow owner of a powerful loyalty program in API; Spark’s bidders are unfazed about its lack of control of its electricity assets; BCAL scores the support of Ellerston, SG Hiscock ahead of its upcoming float and Amaysim’s Peter O’Connell is leading a new investment round for Padua.

Happy reading,

Anthony Macdonald and Yolanda Redrup

Street Talk Editors