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Company News
Seven Group proposes $2b bid for full ownership of Boral
Seven Group (ASX: SVW) is taking the next step in its acquisition of Boral (ASX: BLD) with a $2 billion offer to acquire the remaining shares it does not currently own in the construction materials company. The Boral takeover commenced in 2020 and has resulted in the Kerry Stokes-led Seven Group currently holding an aggregate […]
Boral forecasts continued strong construction industry growth
Australia’s largest building and construction materials supplier Boral (ASX: BLD) is predicting further strong growth over the current financial year after obtaining significantly improved results for the fiscal year ended 30 June 2023. Chief executive officer, Vik Bansal, said that as long as there are no major shifts in market demand or the price environment, […]
Ampol delivers record dividend, South32 scraps Dendrobium coal mine extension and APA CEO’s shock resignation
Ampol (ASX: ALD) has announced an interim dividend of $1.20 per share in its latest half year report – signalling the company’s largest interim dividend it has ever paid. The $1.20 per share dividend is an increase of 130% over the previous corresponding period’s, which was $0.52 per share. The company reported an 83% rise […]
Rio Tinto JV invests in Western Range project, Liontown selects Zenith Energy to power Kathleen Valley and Healius chair retires
Mining giant Rio Tinto (ASX: RIO) and China’s Baowu Steel Group have announced they will invest US$2 billion (A$3 billion) as part of a joint venture to develop the Western Range iron ore project in Western Australia’s Pilbara. Rio will own a 54% stake in the joint venture, if approved by shareholders. If the deal […]
Australian Agricultural CEO’s shock resignation, APA sells gas plant to Cooper Energy, and surging energy prices cause Boral pain
Australian Agricultural Company (ASX: AAC) has announced its chief executive officer and managing director Hugh Killen will step down this week, effective immediately. Mr Killon was appointed managing director and chief executive officer of the company in 2018 – steering the company through some of the worst droughts and floods it has ever seen. However, […]
Banks respond to RBA rate rise, Syrah’s operations halted and AGL confirms Latrobe Valley coal power outage extension
Australia’s major banks have taken a major step in responding to Tuesday’s Reserve Bank interest rate rise through increasing mortgage rates. The RBA announced the official cash rate will rise 50 basis points from 0.35% to 0.85%, making it the most significant hike in over two decades. Commonwealth Bank (ASX: CBA) and Westpac (ASX: WBC) […]
Coles pledges $10m to preserving Great Barrier Reef, Appen deal with Telus falls through and Boral confirms job cuts
Coles (ASX: COL) has pledged $10 million towards the development of blue carbon projects at the Great Barrier Reef off Queensland in an effort to preserve the reef and appeal to ethically minded consumers. The significant investment from the retail giant towards an iconic Australian landmark incorporates investing $10 million over the next decade, capturing […]
‘Twiggy’ Forrest returns to take Fortescue reins, Woolworths buys majority stake in MyDeal and rain hits Boral profits
Fortescue Metals Group (ASX: FMG) has announced its founder Dr Andrew “Twiggy” Forrest will step in as interim boss when outgoing chief executive officer Elizabeth Gaines concludes her tenure in August. The change comes as the mining giant attempts a mass shake-up of its leadership team. As executive chairman, the mining billionaire will once again […]
Get bigger or pay money to shareholders – the choice facing companies
It has been a great time to be a shareholder with Australian companies increasingly stuffed with cash which they will now be looking to put to use. Those shareholders may selfishly hope that a lot of that cash will be heading in their direction – either in the form of bumper dividends or share buybacks […]