Origin Energy Limited (ASX:ORG) and Micron Technology, Inc (NASDAQ:MU) have formed a 50:50 joint venture with a focus on the development of photovoltaic technology.
Sydney, Jan 18, 2010 AEST (ABN Newswire) - The Australian shares closed with little change on Friday. The market rebounded from early losses as a surprise guidance upgrade by Commonwealth Bank pushed the financial sector higher in late trade. The benchmark S&P/ASX200 index gained 1.6 points to 4899.6, while the broader All Ordinaries index added 0.1 point to 4929.5.
Key Economic Facts and Figures
On Monday TD Securities/Melbourne Institute inflation gauge is due to release.
M&A News
Alpha Growth International has made an off market takeover offer for Powerlan Ltd (
ASX:PWR) with A$0.10 for each Powerlan share. The offer is subject to a minimum acceptance condition of more than 90 per cent of Powerlan shares. Alpha said the offer represents a premium of 11 per cent to the price recently offered by chairman Ian Campbell to privatise the company.
GPG (No.4) Pty Limited, a wholly-owned subsidiary of Guinness Peat Group (ASX:GPG), said it has further extended the offer period of its proportional takeover for Tantou Limited (ASX:TAN). The offer will remain open for acceptance until 7pm on 15 February 2010.
Important Corporate News
Macarthur Coal (ASX:MCC) has upgraded its first half earnings guidance and full year sales guidance. Macarthur expected net profit for the six months to December would be in the range of A$37 million and A$42 million, up from its earlier forecast of between A$30 million and A$38 million. Macarthur also raised its full year sales forecast to between 4.8 million and 5 million tonnes, up from previous conservative guidance for 4.6 million tonnes. But the company also said its Middlemount development in central Queensland is unlikely to ship any coal in fiscal 2011 due to a lack of progress on toll agreements on temporary water and rail infrastructure for the mine.
Origin Energy Limited (ASX:ORG) and Micron Technology, Inc (NASDAQ:MU) have formed a 50:50 joint venture with a focus on the development of photovoltaic technology. The near term objective of the JV is to combine the work Origin has done to date in solar development with Micron's capabilities and to examine opportunities for commercialisation, said Andrew Stock, Origin's Executive General Manager, Major Development Projects.
Commonwealth Bank (ASX:CBA) on Friday upgraded its earnings guidance, driven by solid income growth across the business, good volume growth, disciplined cost management and a decline in impairment expenses. The bank said it expects to report unaudited cash net profit after tax for the half year ended 31 December 31 2009 of approximately A$2.9 billion. The result is significantly above the prior comparative period and well ahead of current analysts' consensus of approximately A$2.7 billion.
The Australian Competition and Consumer Commission (ACCC) has launched a review of Telstra's (ASX:TLS) retail prices following a request from the Federal Government. Communications Minister Stephen Conroy asked the competition watchdog to investigate Telstra's retail price control arrangements. The review will investigate whether the arrangements need to be altered.
Contact
Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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