Sydney, July 20, 2007 (ABN Newswire) - Consolidated Minerals has said it will back the latest $752 million bid from privately held Pallinghurst Resources over a rival $800 million offer from Territory Resources. Consolidated said the $3.30 a share cash bid offered greater certainty than the Territory scrip bid, had no onerous conditions and had a lower minimum acceptance threshold of 50.1 per cent. There were also concerns about the long term value of Territory's share price. Shares in Consolidated, which controls one of the world's richest manganese deposits, last traded at $3.50 each. Consolidated Minerals posted a net loss in financial year 2006.

QBE Insurance has signed a Joint Venture Agreement with the Rajan Raheja Group to establish a general insurance company in India. The entry gives QBE exposure to the general insurance market in India. In accordance with current regulations in India QBE will hold a 26 per cent stake with RRG holding the remaining 74 per cent. QBE will nominate the Managing Director and provide the technical know how including the systems. RRG will nominate the Chairman and assist in distribution and other areas. QBE has the right to increase its equity stake up to 50 per cent when allowed by Indian legislation. QBE's initial equity investment will cost approximately $7 million. QBE Insurance has posted increasing record profits over the last 4 financial years.

Macquarie Airports has once again reported an increase in passenger traffic. Sydney Airport traffic was up by 7.1 per cent on the corresponding period with a strong performance in international traffic. Rome improved by 10.5 per cent. Brussels was up 5.9 per cent benefiting from a active marketing campaign with an expansion in both long haul and low fare routes. Bristol was up 4.6 per cent despite the loss of BA connects services, Birmingham was 2.3 per cent higher and Copenhagen was up by 1.9 per cent. Macquarie Airports has a record of profit results

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>>> CONSOLIDATED MINERALS LIMITED
>>> MACQUARIE AIRPORTS
>>> QBE INSURANCE GROUP LIMITED