CORPORATE activity in the energy sector picked up a notch this week when acquisitive BG Group launched a $796 million cash offer for South Perth-based Pure Energy Resources.
The takeover battle for Pure Energy Resources has escalated with first suitor Arrow Energy trumping BG Group's $796 million offer with an $890 million cash and scrip bid.
Terrain Minerals says a $3.25 million deal to sell its Coogee gold deposit has been terminated after buyer Argonaut Mining Group could not come up with the funds.
The future of pallet manufacturer Pinetec and 110 of its employees is in serious doubt after receivers today said the company will last only four weeks unless a buyer is found.
Property developer Finbar Group has suffered a 51 per cent drop in its interim net profit result but has maintained its full-year forecast, expected to be in excess of last year's record $12.2 million result.
BC Iron has secured its first offtake agreement for its Nullagine project in the Pilbara, with the contract starting from 2010 over a minimum five-year period.
East Perth-based Fleetwood Corporation has delivered a record interim result for the first half of fiscal 2009, with net profit up 16 per cent to $18.4 million.
Shares in Emeco Holdings soared after the earthmoving equipment provider foreshadowed a record interim result and full year earnings in line with expectations.
The global economic slowdown has forced engineering company Sedgman to write-off $20 million of goodwill value from its Perth-based subsidiary Intermet Engineering, which it bought less than two years ago for $32 million.
Subiaco-based Global Nickel Investments will branch out into the medical sector following a proposed deal to acquire Minomic International for around $6.4 million in cash and scrip.
Shares in Forge Group have surged as much as 59 per cent as the company secures $97 million worth of contracts, including work on the Pluto liquefied natural gas project and the Dampier to Bunbury pipeline.
Directors in oil and gas explorer Comet Ridge have unanimously recommended a friendly merger with unlisted public company Chartwell Energy, which has coal seam gas assets in New Zealand.
iiNet is scheduled to head to the Federal Court in early October after a group of film companies alleged the internet service provider infringed copyright rules.
