Sydney, Oct 18, 2007 (ABN Newswire) -
Brambles is shoring up its defences against a possible takeover from Asciano Group. The pallet company has appointed Bluescope Steel chairman Graeme Kraehe to the deputy chairman post that has been vacant since December. Mr Kraehe was chairman of National Australia Bank during its widespread restructuring a couple of years ago and is widely tipped to replace Brambles chairman Don Argus. Asciano has built up a stake of 4.1 percent and is hoping to gain financing for a deal Brambles will strongly reject. The pallet company has also turned away from a friendly advance from Toll Holdings. Shares rallied on the takeover talk but are currently falling on the weaker US dollar. Brambles saw a sharp jump in profits in 2006.
Jetset Travelworld has declined to comment on a report it may merge with Qantas Airways but confirmed it was indeed seeking expansion opportunities. According to a report in The Australian Financial Review, Qantas was looking at merging its holiday business, valued at about $290 million, with Jetset and possibly taking a large stake in the firm, Jetset's share price hit a record of $3.43 last week. Consolidation in the travel industry is hotting up with two online travel agencies locked in an A$55 million bidding war for Travel.com.au, while Flight Centre said earlier this week it is targeting 15 percent profit growth in the 2008 business year thanks to positive trading conditions. Jetset has been steadily growing profits over the last four years.
Worley Parsons has won a 5 year, $336 million contract with the Kuwait Oil Company for the supply of Program Management services. The contract supports KOC in achieving its year 2020 objectives of reaching optimum capacity in its oilfields and enhancing its facilities by the most efficient and economical means available. Worley Parsons has performed similar services for the company from 1993 to 2003. Worley Parsons has seen strong growth in its profit results in recent years.
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http://abnnewswire.net/lnk/B5663261Source: Finance News Network © 2007
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