22/05/2008 - 06:36

Today's Business Headlines

22/05/2008 - 06:36

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Macmahon pitches $446m hostile takeover at Ausdrill; Verve expected to lose $334m in next 2 years; Talbot triggers coal shake-up; Iluka puts faith in spot prices for zircon future; AWB solid depite two-year drought

Today's Business Headlines

Macmahon pitches $446m hostile takeover at Ausdrill
Ausdrill founder and major shareholder ron Sayers was last night locked in meetings with fellow directors evulating the merits of a $446 million hostile bid by engineer and mining contractor Macmahon Holdings. The West

Verve expected to lose $334m in next 2 years
The true extent of the financial haemorrhaging at Verve Energy, whihc forced the State Government's $1billion-plus bailout, was laid bare yesterday when Energy Minister Fran Logan revealed the State-owned electricity geneator was expected to lose more than $334 million in two years. The West

Talbot triggers coal shake-up
The former Macarthur Coal boss agreed to split his shareholding to help the surprise Indian player ArcelorMittal. The Australian

Iluka puts faith in spot prices for zircon future
Perth mineral sands miner Iluka Resources has followed the lead of its iron ore and coal peers by pushing for spot pricesystem for its key product, zircon, to cash in on soaring demand for the ceramics ingredient. The West

AWB solid depite two-year drought
AWB yesterday announced strong half yar results despite successive years of drought. The Australian


THE WEST AUSTRALIAN

The true extent of the financial haemorrhaging at Verve Energy, whihc forced the State Government's $1billion-plus bailout, was laid bare yesterday when Energy Minister Fran Logan revealed the State-owned electricity geneator was expected to lose more than $334 million in two years.

Business: Ausdrill founder and major shareholder ron Sayers was last night locked in meetings with fellow directors evulating the merits of a $446 million hostile bid by engineer and mining contractor Macmahon Holdings

Bankrupt former guitar star and convicted fraud Kevin Peek is back in international business, this time with shipping schemes promising potential investors annualised returns of more than 100 per cent.

Perth mineral sands miner Iluka Resources has followed the lead of its iron ore and coal peers by pushing for spot pricesystem for its key product, zircon, to cash in on soaring demand for the ceramics ingredient.

Wesfarmers shareholders have passed up nearly $600 millionod stock offered through the group's right issue.

Compass Hotel Group chief Bryan Northcote has moved to reassure investors the hotel owner-manager is on track to generate strong profits from its Perth pubs and taverns despite a bumpy first few months on the market.


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