ASX Ltd has said there is no basis to support market speculation that it was intending to buy Nasdaq Inc's 31 percent stake in The London Stock Exchange at this stage. The Asia- Pacific regions second largest stock exchange said that if its position changed than it would inform the market itself. Speculation was rife after a source close to the ASX told Reuters the stock exchange may be interested in Nasdaq's stake. The largest U.S. electronic stock exchange stated it was considering the sale of its $1.9 billion stake in LSE to focus on buying Nordic exchange operator OMX. ASX Ltd has turned in a series of strong profit results in the last five years.
Foster's has reported second-half net profit rose 22 percent, boosted by strong beer and international wine sales. Foster's said net profit for the full year to June 30 was $716 million, compared to $613 million a year earlier, and above estimates of $696 million. In other announcements Fosters said it planned to buy back $250 million of capital off market and $100 million on market. The group also announced the retirement of its Chief Financial Officer Pete Scott. Foster's has struggled with a strategy to integrate its wine, beer and spirits sales teams from a previous system of specialised sales people, and earlier this year reintroduced wine specialists to boost sales to restaurants and fine wine stores. Fosters 2006 result was an earning highlight.
Consolidated Minerals takeover suitor Pallinghurst Resources has told the market it has now upped its stake in takeover target Consolidated Minerals to 10% from a 5% stake earlier this month. The unlisted Pallinghurst is currently locked in a takeover battle for Consolidated Minerals with Territory Resources and earlier this month Consolidated Minerals told the ASX it had opened it book to a potential third suitor. Consolidated's board had backed the A$3.30 a share bid from unlisted Pallinghurst valuing the miner at around $753 million. Consolidated Minerals posted a loss in 2006 after showing profit highlight in 2005.
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