Linc Energy Limited (ASX:LNC) will duly discontinue its current exclusive negotiation with Chinese coal group Yanzhou Coal (HKG:1171) and related entities. Linc has decided that, though negotiations have been ongoing, the buyer's timetable to complete a purchase is no longer in the best interests of Linc Energy and its shareholders. Yanzhou Coal has returned to Australia to take another look at Felix Resources's (ASX:FLX) assets, said sources.
Sydney, June 24, 2009 AEST (ABN Newswire) - Wall Street closed mixed on Tuesday. Dow index was lower overnight led by Boeing as the company once again delayed the maiden flight of its 787 Dreamliner. The weaker-than-expected housing data also weighed on the market. But stronger commodities oil and metal prices pushed the commodities shares higher.
Yesterday the Australian market posted a massive drop following a significant decline in Wall Street. The benchmark S&P/ASX200 index tumbled 3.1 per cent, or 121.3 points, to 3796.9 yesterday, while the broader All Ordinaries lost 117.8 points, or 3.01 per cent, to 3793. Investors would become nervous after the losses in recent trading sessions, although the rebound in commodities prices may help to lift the local market.
Key Economic Facts and Figures
A new global survey of 2100 organisations by consultancy Mercer says 8.2 per cent of the 88 Australian and New Zealand businesses in the survey confirmed they reduced staff levels by more than 10 per cent in the previous six months. The survey also shows 15.9 per cent of European businesses and 15.3 US businesses slashed more than 10 per cent of their workforce between November and April.
M&A News
Linc Energy Limited (ASX:LNC) will duly discontinue its current exclusive negotiation with Chinese coal group Yanzhou Coal (HKG:1171) and related entities. Linc has decided that, though negotiations have been ongoing, the buyer's timetable to complete a purchase is no longer in the best interests of Linc Energy and its shareholders. Yanzhou Coal has returned to Australia to take another look at Felix Resources's (ASX:FLX) assets, said sources.
Important Corporate News
PMP Ltd (ASX:PMP) today announced transformation plans to address the earnings decline in its Australian and New Zealand business portfolio created by the current economic climate. The savings generated in phase one of the plan would enable the company to deliver about A$54 million in earnings before interest and tax (EBIT) for fiscal 2009, before significant items and a year end net debt position of about A$220 million.
Macquarie Airports (ASX:MAP) has increased its stake in Sydney Airport to 74 per cent through its cash payment to help reduce the airport's debt. Macquarie Airports paid A$711 million as Sydney Airport's shareholders paid a total A$870 million to retire debt maturing this September and November.
James Hardie Industries (ASX:JHX)(NYSE:JHX) said it would seek investor approval to move its corporate domicile to Ireland from the Netherlands. The company said it has been reviewing its corporate domicile for some time and resolving this issue is an important priority.
Qantas Airways (ASX:QAN) said it was confident that it could meet its timetable for deploying Boeing's new 787 Dreamliner despite Boeing again postponing the first flight of the much-delayed new aircraft.
Australian regenerative medicine company Mesoblast Limited (ASX:MSB)(PINK:MBLTY) today announced successful results from the first five patients who underwent bone marrow transplantation with stem cells expanded by the patented allogeneic, or "off-the-shelf", Mesenchymal Precursor Cells (MPCs). Successful bone marrow reconstitution was achieved in all five patients, approximately two weeks faster than expected without MPC expansion.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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