Sydney, Sept 14, 2007 (ABN Newswire) - Australia's biggest investment bank has forecast a record first-half profit. Macquarie Bank CEO Allan Moss says the profit for the six months ending September is expected to be strongly up on that of the $730 million a year ago. He says the bank's businesses were operating profitably, with no unusual provisions or write-downs. It's the first briefing Macquarie Bank has given since a global credit crunch roiled financial markets more than a month ago. Macquarie Bank's profits have increased considerably since 2003.

A new independent report says that Wesfarmers will be getting the Coles Group at a bargain price, if its $18 billion offer gets approved by shareholders. Grant Samuel and Associates say the offer is not "fair value" and Coles shares are worth between $16.21 and $18.23. The cash and scrip offer from Wesfarmers values its bid at as much as $15.44. The independent report has declared the Wesfarmers offer to be in the best interests of Coles' shareholders. Wesfarmers has reported profits over the past five years.

Biotech firm CSL has lodged details of its planned three-for-one "share split" with the Australian Securities Exchange. If the split is approved at the company's annual general meeting on October 17, trading will commence on the post-share split on a deferred settlement basis the next day. The last day for the company to register transfers on a pre-share split basis is October 24. CSL makes the revolutionary cervical cancer drug, Gardasil. CSL has posted profits over the past five years with a highlight in 2007.

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/fnnlnk/F4YRZ779


Audio Link

http://abnnewswire.net/lnk/4OM090UQ



Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au

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