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Aust Business Headlines, (ASX: CUE), (ASX: BBI), (ASX: TOE), (SIN: S99), (ASX: NEL)
Sydney, Aug 6, 2007 (ABN Newswire) - Cue Energy Resources has received an approach from Singapore Petroleum Company. The news comes after SPC disclosed a 6.75% shareholding in the company at the end of last week. SPC approached Cue about the possibility of closer cooperation and the integration of each company's exploration and production businesses. However, Cue says no formal proposal or written offer has been received, and that they are not aware of SPC's specific intentions. Cue has a market value of about $118.5 million. Cue Energy Resources saw earnings significantly increase in 2006 over the previous year.
Babcock & Brown Infrastructure has announced it has bought a 50.3% stake in Italy's largest dry bulk port operator for $92 million dollars. The move makes BBI one of the largest European Mediterranean bulk port operators with a portfolio of four operators and a combined value of approximately $859 million. BBI plans to invest in the further development of the terminals, with the company's chief operating officer saying the acquisition will provide stable and predictable cash flows for shareholders. Babcock and Brown Infrastructure posted record earnings of close to $81 million dollars in 2006 after recording a loss the previous year.
The Australian newspaper is reporting that Toro Energy is set to launch a reverse takeover of Nova Energy, pushing its value to over $350 million. Toro is reportedly working to finalise an agreed offer of about 5.5 of its shares for each Nova share. The deal values the Oxiana-controlled Nova at $4.40 a share, or about $270 million. Under the deal, Oxiana is expected to emerge with about a 48 per cent stake in the merged group. Toro managing director Greg Hall is expected to head up the expanded company, with an announcement expected as soon as today or tomorrow. Toro Energy posted a loss in 2006. Source: Finance News Network © 2007 http://www.finnewsnetwork.com.auThe full report is available at the following video and audio links. Video Link http://abnnewswire.net/lnk/JV191AQ5Audio Link http://abnnewswire.net/lnk/3417LKNKAbout Finance News Network Finance News Network (FNN) has been producing up-to-date concise business and finance news tailored to traders and investors alike since 2002. FNN content reaches a diverse and constantly growing audience via online streaming video, Street Vision broadcasts and the Telstra 3G mobile phone network. http://www.finnewsnetwork.com.au
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| BABCOCK & BROWN INFRASTRUCTURE GROUP |
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| CUE ENERGY RESOURCES LIMITED |
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