24/01/2008 - 06:29

Today's Business Headlines

24/01/2008 - 06:29

Bookmark

Save articles for future reference.

Inflation rise to force RBA's hand; Margin calls triggers Allco sell-off; ERG on ropes as NSW kills ticket deal, to sue for $95m; Nexus-Anzon deal spoils Streiberg merger plan; Murchison extends Midwest bid

Today's Business Headlines

Inflation rise to force RBA's hand
Global sharemarkets rebounded yesterday in repsonse to the US Federal Reserve's emergency cut in interest rates, as the case for a rise in Australian rates was strengthened following a higher than expected jump in underlying inflation. The Fin Review

Margin calls triggers Allco sell-off
Struggling financial engineering group Allco Financial was last night hit by the forced sale of 22 million shares. The Australian

ERG on ropes as NSW kills ticket deal, to sue for $95m
ERG's 20-year dream of becoming a major global player in transport ticketing was in tatters last night after the NSW Government made good its threat to loose the company's flagship contract casting a pall over its future. The West

Nexus-Anzon deal spoils Streiberg merger plan
Arc Energy managing director Eric Streitberg is expected to turn his bid attention to troubled peer AED Oil after being gazumped at the eleventh hour in his drawn-out pursuit of a $1 billion merger with Anzon Australia. The West

Murchison extends Midwest bid
Murchison Metals has extended by two weeks it unconditional, hostile takeover for Midwest Corp, despite the terms of the bid being almost 40 per cent under water. The West

 

THE WEST AUSTRALIAN
Page 1: Australian homebuyers are facing further financial pain after inflation rose to its highest level in 16 years, raising the chances of the Reserve Bank lifting interest rates for the third time in six months despite persistent fears of a global economic downturn.

Business: ERG's 20-year dream of becoming a major global player in transport ticketing was in tatters last night after the NSW Government made good its threat to loose the company's flagship contract casting a pall over its future.

The crisis confidence surrounding Allco finance Group grew into full-blown panic yesterday when a fund believed to be largely owned by the group's senior employees contributed to the company's demise by being forced to dump Allco shares at fire-sales prices.

Arc Energy managing director Eric Streitberg is expected to turn his bid attention to troubled peer AED Oil after being gazumped at the eleventh hour in his drawn-out pursuit of a $1 billion merger with Anzon Australia.

Murchison Metals has extended by two weeks it unconditional, hostile takeover for Midwest Corp, despite the terms of the bid being almost 40 per cent under water.

Less than a month after offloading its half stake in engineering firm Shedden Uhde, Perth engineer Clough has cleaved off another non-core asset, revealing yesterday the sale of wholly owned subsidiary Clough Engineering & Maintenance to construction colossus Bilfinger Berger Services.

Herald Resources executive chairman Terry Allen is in line for a $37 million pay day after succumbing to Bumi Resources' unwelcome $445 million takeover bid.

Investors are apparently warming to BHP Billiton's proposed three-for-one scrip offer for Rio Tinto or at least viewing the possibility of a raised bid as increasingly remote after the predator reported solid quarterly production figures yesterday.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options