ASX Announcements
This Month
Advisory roles shift gears at Perpetual, Luminis scores broader role
Street Talk understands Luminis Partners’ role at the $2.9 billion financial services player has widened out to include broader advisory remit.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Soul Patts ups Perpetual stake to 14.99pc
The increase comes less than a week after the Millner family’s listed investment vehicle bid to break up the storied fund manager was made public.
- Jonathan Shapiro
Angus Aitken backs in Soul Patts’ $3b Perpetual bid
The stockbroker has told his clients to buy Perpetual, saying the deal makes ‘complete sense’ and urges the board to engage with Soul Patts.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Opinion
- Investing
The many sins of Australia’s listed fund managers are now in the open
The ASX’s investment firms are paid to work out when managements are engaging in the illusion of value creation. It turns out they are the biggest culprits.
- Jonathan Shapiro
Soul Patts leaves door open to more M&A after $3b Perpetual bid
The investment manager, with $900 million in cash, wants to pounce on “undervalued companies” that will fall victim to higher rates and weakened valuations.
- Aaron Weinman
Soul Patts’ Rob Millner squares the circle as he comes for Perpetual
It’s hard to resist the idea that this week’s $3 billion bid for the storied fund manager doesn’t come tinged with some layer of revenge.
- Jemima Whyte
Soul Patts’ rejected Perpetual bid exposes pending conflicts
The moment Soul Patts lobbed a low-ball offer for the fund manager, the interests of Domestique’s client diverged from Citadel Magnus’.
- Myriam Robin
Soul Patts ‘low-ball’ Perpetual bid likely to spark other offers
The prospect of a demerger may finally solve Perpetual’s valuation problem, say analysts, as the company’s stock jumped on takeover talk.
- Jonathan Shapiro
- Opinion
- Chanticleer
Perpetual bid is a warning for Magellan, Regal and Platinum
Soul Patts’ bid for Perpetual may have been dismissed as too low, but its structure reinforces the challenges facing listed fund managers.
- James Thomson
- Updated
- Mergers & acquisitions
Perpetual rejects Soul Patts’ $3b bid
Perpetual has rejected the $3 billion proposal saying it “materially undervalues” the company’s various businesses.
- Updated
- Jonathan Shapiro and Anthony Macdonald
Perpetual break-up long time in making as advisors worked the market
There was plenty of action leading up to the dual announcements on Wednesday, including attempts to cajole interest in the business for weeks.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Opinion
- Chanticleer
Why deal-mad Perpetual is searching for some summer loving
Step up Perpetual for the hot potato announcement of the year. The financial services group’s stunning U-turn cannot have happened without a strong push.
- Anthony Macdonald
Perpetual taps three heavyweights for strategic review
Street Talk understands Bank of America, Goldman Sachs and Luminis have got the call-up.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Exclusive
- Hedge funds
Hedge funds divided on CSL as Perpetual and Pendal place opposing bets
Portfolio managers within the same wealth giant are at odds over the outlook for one of the ASX’s largest and widely held stocks.
- Joshua Peach
November
Endeavour spat: Major shareholders move against chairman Peter Hearl
Street Talk understands Aussie equities power duo AustralianSuper’s Shaun Manuell and Perpetual’s Vince Pezzullo are teaming up again.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Opinion
- Chanticleer
Perpetual takes fight to boards, bankers over shareholder rights
The fund manager’s equities team has never been scared to dish out advice to boards and management teams. Now it is making a business out of it.
- Anthony Macdonald
October
The big Qantas stake of Pendal’s Sondal Bensan
The fund manager is personally the 28th largest shareholder in Qantas.
- Joe Aston
Perpetual’s D’Aloisio faces re-election hurdle after sour Pendal deal
The former Australian Securities and Investments Commission official has chaired the company since 2017. Ownership Matters has recommended a vote against him.
- Kylar Loussikian
Pacific Current block trades after Regal walks
The trade was done at $10.10 a share, which was the same as Pacific Current’s closing share price. It was worth $22 million.
- Sarah Thompson, Kanika Sood and Emma Rapaport
September
Perpetual’s cost-cutting moves on to support staff
Street Talk understands Perpetual is in the process of handing out redundancies among its support staff, including relationship managers and salespeople.
- Sarah Thompson, Kanika Sood and Emma Rapaport
