Agricultural chemicals business Nufarm Ltd (ASX:NUF) says talks about a takeover by China's largest chemicals trade, Sinochem Corp, are ongoing. Managing director Doug Rathbone declined to say whether Sinochem had set an offer price, but said the Chinese company was keen to use Nufarm to leverage the rapidly growing agricultural sector.
Sydney, Sep 3, 2009 AEST (ABN Newswire) - Wall Street overnight extended its losses after a disappointing non-farm payrolls report in August, which raised concerns over the coming key reports on employment this week. US private sector slashed 298,000 jobs in August, a faster rate than economists' forecast.
The Australian share market posted a 1.7 per cent loss yesterday amid a sell-off in financial and resources stocks. The benchmark S&P/ASX200 index was down 76.4 points, or 1.69 per cent, at 4438.2 points, while the broader All Ordinaries index retreated 74.7 points, or 1.66 per cent, to 4436.6 points.
Key Economic Facts and Figures
Australian Bureau of Statistics yesterday showed the economy grew 0.6 per cent in the June quarter, beating market expectations of a 0.2 per cent rise in the quarter. The economic growth may push the Reserve Bank to lift its interest rates.
The Australian Industry Group and Commonwealth Bank release the Australian Performance of Services Index (Australian PSI) for August. The Australian Bureau of Statistics releases international trade data for July.
M&A News
Rare earth developer Lynas Corporation Ltd. (ASX:LYC) said Australian regulators have not made a decision on the proposed A$252 million equity investment in Lynas by China Nonferrous Metal Mining (Group) Co. The review period for the transaction is expected to extended to early Octorber. Analysts have said regulators could be concerned about China's dominance of rare earths production, as China already controls 95% of global production of rare earth materials,
Agricultural chemicals business Nufarm Ltd (ASX:NUF) says talks about a takeover by China's largest chemicals trade, Sinochem Corp, are ongoing. Managing director Doug Rathbone declined to say whether Sinochem had set an offer price, but said the Chinese company was keen to use Nufarm to leverage the rapidly growing agricultural sector.
The Australian Competition & Consumer Commission may probably block Caltex's (ASX:CTX) proposed A$300 million takeover of Mobil's retail petrol business, as the competition watchdog fears the deal would substantial lessen competition in the wholesale and retail markets for petrol, diesel and LPG. The regulator's decision will be disclosed on October 7.
Important Corporate News
Seven Network (ASX:SEV) has announced it is to spend A$50 million on a new wireless broadband network in Perth. Seven planned to establish a fourth generation (4G) wireless broadband network in Perth by March next year through its subsidiary Vividwireless.
National Australia Bank (ASX:NAB) said it would take a A$309 million writedown on the carrying value of a controversial asset on its balance sheet. The writedown relates to a A$650 million-plus tax debt imposed on the bank by the Australian Tax Office in 2004.
Virgin Blue Holdings (ASX:VBA) has raised A$98.3 million through the retail component of a new share sale. Virgin Blue said it had raised a total of A$231.4 million from retail and institutional shareholders by selling 1.16 billion new shares.
WCP Resources Ltd (ASX:WCP) was placed its shares in trading halt this morning, pending an announcement to be made at midday tomorrow in relation to a capital raising
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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