Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
--Myer's private equity owners, TPG and Blum Capital, will lodge a prospectus for a A$3 billion initial public offering today. The prospectus will include details about share prices, the number of shares on issue, and stakes retained by TPG, Blum Capital, the Myer family and Myer's management team. TPG paid A$1.4 billion for the department store chain in June 2006.
According to Deutsche Bank, this figure represents a multiple of 16.5 times Myer's forecast 2010 earnings, and is slightly behind rival David Jones' 17.4 times. Page 14.
--SP Telemedia plans to rebrand itself as TPG Telecom, following the company's 2008 reverse takeover by TPG.
SP Telemedia executive chairman David Teoh says that TPG has a good name and business model, and it is easier to have the one brand. In fiscal 2009, SP Telemedia gained 56,000 new broadband subscribers, compared to Optus' 34,000, iiNet's 21,000, and Telstra's loss of 23,000 subscribers. The Royal Bank of Scotland recently acquired shares in SP Telemedia. Page 14.
--Fairfax Media's independent directors -- David Evans, Robert Savage, Peter Young and Julia King -- are rumoured to be in favour of appointing colleague Roger Corbet as the media group's new chairman. They are likely to lend their support provided that Mr Corbet wins support from key institutional shareholders at meetings held today and tomorrow. Earlier this month, Fairfax directors John Brehmer and Nicholas Fairfax said that they would vote against current chairman Ron Walker if he stood for re-election in November. Page 14.
--Seven Network, owned by Kerry Stokes, is planning to sell part of its subsidiary, Vividwireless, in order to fund part of the media group's new 4G wireless broadband network.
Vividwireless chief executive Martin Mercer says that Seven did not want to cover the entire cost, which analysts estimate to be worth about A$300 million. Mr Mercer, formerly a Telstra marketing executive director, says the network will first target Perth, and then Sydney and Melbourne, where Seven's company Unwired already operates. Page 16.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Australian and New Zealand Banking Group (ANZ) could look to the investors to raise another A$2 billion in order to increase its acquisition power as it seeks to capitalise on the weakness of European banks. Today the group will open its first branch in China, near the city of Chongqing, to become one of the few banks to tap into China's fast growing financial services market. ANZ has raised A$9 billion in the last 2 years, as it moves to expand its wealth management business throughout the Asian region. Page 21.
--The controversial A$345 million management deal to take control of Macquarie Airports (Map) could stall after parent Macquarie Group hinted it would walk away if there were any delays to Wednesday's shareholder vote. Global Airports, headed by Mike Fitzpatrick, continues to oppose the deal that would see Map pay Macquarie a one off fee of A$345 million to give up management rights of the fund. Map has stakes in various airports including Sydney, Copenhagen, Bristol and Brussels. Page 21.
--John Jones, former chairman of Troy Resources has launched a bid to take control of the company in order to stop the miner from heading into a dilutive capital raising. Mr Jones holds 14 percent of the miner and currently sits as a non-executive director. Mr Jones is seeking a shareholders meeting in order to remove chief executive Paul Benson, founding shareholder Alan Naylor and another executive Denis Clarke. Mr Jones is not content with board's decision to raise capital as a means to develop Casposo project in Argentina. Page 23.
--Fortescue Metals is unlikely to meet a September deadline to secure US$6 billion in funding from Chinese banks, jeopardising discounted iron ore contracts the miner had signed.
Fortescue's chief executive Andrew Forrest has less than a week to convince multiple Chinese lenders about the company's expansion plans in its West Australian iron ore projects.
The Fortescue deal would give China Iron & steel Association and Boasteel a 35 percent discount on all of the miner's production for the second half of the year. Page 24.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Westpac Banking Corporation, National Australia Bank, and Australia and New Zealand Banking Group , are expected to report cash profits of A$11 billion between them.
Commonwealth Bank of Australia (CBA) reported net profits of A$4.4 billion for fiscal 2009, representing a nine percent decline on fiscal 2008. UBS analysts predict that Westpac, which merged with Gail Kelly-led St George Bank in January, is likely to report a A$4.5 billion profit. CBA, owner of BankWest, is currently valued at A$78 billion. Page 3.
--Manganese producer OM Holdings is preparing to announce a major South African manganese acquisition. The deal involves Pallinghurst, which was the resources investment vehicle of former BHP Billiton chief executive Brian Gilbertson. Mr Gilbertson left BHP after his plans to acquire Rio Tinto created a rift with the Don Argus-led board. Pallinghurst failed to acquire Consolidated Minerals in 2007, after Ukrainian investor Gennadiy Bogolyubov over-bid for the group with a A$1.2 billion offer. Page 3.
--Mining juniors Fortescue Metals, Atlas Mining and BC Iron are in an Australian Competition Tribunal dispute with giants BHP Billiton and Rio Tinto.
Fortescue is challenging a 2006 decision, where former Treasurer Peter Costello did not accept a National Competition Council recommendation that BHP's Mount Newman line should be declared accessible to third parties. Meanwhile, BHP and Rio are challenging Treasurer Wayne Swan's recent decision to declare access to BHP's Goldsworthy line and Rio's tracks. Page 5.
--Yanzhou is searching for further investment opportunities in Australia. The Chinese miner is waiting for a Foreign Investment Review Board (FIRB) decision about its A$3 billion takeover bid for Felix Resources. Local subsidiary Yan Coal Australia deputy managing director Boyun Xu says the company sees opportunities in Australian coal resources. FIRB general manager Patrick Colmer says he prefers state-run companies to own 15 percent stakes in major resources projects, and 50 percent stakes in undeveloped sites. Page 5.
THE AGE (www.theage.com.au)
--Junior explorer Cazaly Resources has lost its battle with mining giant Rio Tinto for the control of the A$220 billion Rhodes Ridge iron ore deposit. The Perth Warden's Court rejected Cazaly's arguments that Rio had lost its right to hold on to the 3.26 billion-tonne project as it failed to renew its rights appropriately. Rio owns 50 percent of the iron ore deposit with Hancock Prospecting and Wright Prospecting each controlling 25 percent. Rio has stated that despite the decision Cazaly would not be stopped from pursuing an exploration licence for the deposit. Page 1.
--Crop protection company Nufarm revealed about months ago that China's Sinochem had made a A$2.5 billion bid for the company. Since that time no news has come out of both camps, but there are predictions that Sinochem will rise its bid to A$14 share. The Foreign Investment Review Board (FIRB) would still have to approve the deal, but as there are no test cases outside the resources industry, the FIRB's decision will be closely monitored. Nufarm is advised by UBS and Sinochem by RBS. Page 2.
--Gold miner Capital Resources will continue with its plans to acquire assets after it merged with Lion Selection. The miner will use its Edna May gold project in Western Australia, which will go into production as early as July next year, to help fund any further acquisitions. Page 3. --
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)
--Myer's private equity owners, TPG and Blum Capital, will lodge a prospectus for a A$3 billion initial public offering today. The prospectus will include details about share prices, the number of shares on issue, and stakes retained by TPG, Blum Capital, the Myer family and Myer's management team. TPG paid A$1.4 billion for the department store chain in June 2006.
According to Deutsche Bank, this figure represents a multiple of 16.5 times Myer's forecast 2010 earnings, and is slightly behind rival David Jones' 17.4 times. Page 14.
--SP Telemedia plans to rebrand itself as TPG Telecom, following the company's 2008 reverse takeover by TPG.
SP Telemedia executive chairman David Teoh says that TPG has a good name and business model, and it is easier to have the one brand. In fiscal 2009, SP Telemedia gained 56,000 new broadband subscribers, compared to Optus' 34,000, iiNet's 21,000, and Telstra's loss of 23,000 subscribers. The Royal Bank of Scotland recently acquired shares in SP Telemedia. Page 14.
--Fairfax Media's independent directors -- David Evans, Robert Savage, Peter Young and Julia King -- are rumoured to be in favour of appointing colleague Roger Corbet as the media group's new chairman. They are likely to lend their support provided that Mr Corbet wins support from key institutional shareholders at meetings held today and tomorrow. Earlier this month, Fairfax directors John Brehmer and Nicholas Fairfax said that they would vote against current chairman Ron Walker if he stood for re-election in November. Page 14.
--Seven Network, owned by Kerry Stokes, is planning to sell part of its subsidiary, Vividwireless, in order to fund part of the media group's new 4G wireless broadband network.
Vividwireless chief executive Martin Mercer says that Seven did not want to cover the entire cost, which analysts estimate to be worth about A$300 million. Mr Mercer, formerly a Telstra marketing executive director, says the network will first target Perth, and then Sydney and Melbourne, where Seven's company Unwired already operates. Page 16.
THE AUSTRALIAN (www.theaustralian.news.com.au)
--Australian and New Zealand Banking Group (ANZ) could look to the investors to raise another A$2 billion in order to increase its acquisition power as it seeks to capitalise on the weakness of European banks. Today the group will open its first branch in China, near the city of Chongqing, to become one of the few banks to tap into China's fast growing financial services market. ANZ has raised A$9 billion in the last 2 years, as it moves to expand its wealth management business throughout the Asian region. Page 21.
--The controversial A$345 million management deal to take control of Macquarie Airports (Map) could stall after parent Macquarie Group hinted it would walk away if there were any delays to Wednesday's shareholder vote. Global Airports, headed by Mike Fitzpatrick, continues to oppose the deal that would see Map pay Macquarie a one off fee of A$345 million to give up management rights of the fund. Map has stakes in various airports including Sydney, Copenhagen, Bristol and Brussels. Page 21.
--John Jones, former chairman of Troy Resources has launched a bid to take control of the company in order to stop the miner from heading into a dilutive capital raising. Mr Jones holds 14 percent of the miner and currently sits as a non-executive director. Mr Jones is seeking a shareholders meeting in order to remove chief executive Paul Benson, founding shareholder Alan Naylor and another executive Denis Clarke. Mr Jones is not content with board's decision to raise capital as a means to develop Casposo project in Argentina. Page 23.
--Fortescue Metals is unlikely to meet a September deadline to secure US$6 billion in funding from Chinese banks, jeopardising discounted iron ore contracts the miner had signed.
Fortescue's chief executive Andrew Forrest has less than a week to convince multiple Chinese lenders about the company's expansion plans in its West Australian iron ore projects.
The Fortescue deal would give China Iron & steel Association and Boasteel a 35 percent discount on all of the miner's production for the second half of the year. Page 24.
THE SYDNEY MORNING HERALD (www.smh.com.au)
--Westpac Banking Corporation, National Australia Bank, and Australia and New Zealand Banking Group , are expected to report cash profits of A$11 billion between them.
Commonwealth Bank of Australia (CBA) reported net profits of A$4.4 billion for fiscal 2009, representing a nine percent decline on fiscal 2008. UBS analysts predict that Westpac, which merged with Gail Kelly-led St George Bank in January, is likely to report a A$4.5 billion profit. CBA, owner of BankWest, is currently valued at A$78 billion. Page 3.
--Manganese producer OM Holdings is preparing to announce a major South African manganese acquisition. The deal involves Pallinghurst, which was the resources investment vehicle of former BHP Billiton chief executive Brian Gilbertson. Mr Gilbertson left BHP after his plans to acquire Rio Tinto created a rift with the Don Argus-led board. Pallinghurst failed to acquire Consolidated Minerals in 2007, after Ukrainian investor Gennadiy Bogolyubov over-bid for the group with a A$1.2 billion offer. Page 3.
--Mining juniors Fortescue Metals, Atlas Mining and BC Iron are in an Australian Competition Tribunal dispute with giants BHP Billiton and Rio Tinto.
Fortescue is challenging a 2006 decision, where former Treasurer Peter Costello did not accept a National Competition Council recommendation that BHP's Mount Newman line should be declared accessible to third parties. Meanwhile, BHP and Rio are challenging Treasurer Wayne Swan's recent decision to declare access to BHP's Goldsworthy line and Rio's tracks. Page 5.
--Yanzhou is searching for further investment opportunities in Australia. The Chinese miner is waiting for a Foreign Investment Review Board (FIRB) decision about its A$3 billion takeover bid for Felix Resources. Local subsidiary Yan Coal Australia deputy managing director Boyun Xu says the company sees opportunities in Australian coal resources. FIRB general manager Patrick Colmer says he prefers state-run companies to own 15 percent stakes in major resources projects, and 50 percent stakes in undeveloped sites. Page 5.
THE AGE (www.theage.com.au)
--Junior explorer Cazaly Resources has lost its battle with mining giant Rio Tinto for the control of the A$220 billion Rhodes Ridge iron ore deposit. The Perth Warden's Court rejected Cazaly's arguments that Rio had lost its right to hold on to the 3.26 billion-tonne project as it failed to renew its rights appropriately. Rio owns 50 percent of the iron ore deposit with Hancock Prospecting and Wright Prospecting each controlling 25 percent. Rio has stated that despite the decision Cazaly would not be stopped from pursuing an exploration licence for the deposit. Page 1.
--Crop protection company Nufarm revealed about months ago that China's Sinochem had made a A$2.5 billion bid for the company. Since that time no news has come out of both camps, but there are predictions that Sinochem will rise its bid to A$14 share. The Foreign Investment Review Board (FIRB) would still have to approve the deal, but as there are no test cases outside the resources industry, the FIRB's decision will be closely monitored. Nufarm is advised by UBS and Sinochem by RBS. Page 2.
--Gold miner Capital Resources will continue with its plans to acquire assets after it merged with Lion Selection. The miner will use its Edna May gold project in Western Australia, which will go into production as early as July next year, to help fund any further acquisitions. Page 3. --
Keywords: DIGEST AUSTRALIA BUSINESS (Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.