Press Releases

Sydney, Dec 23, 2009 (ABN Newswire) - The Australian share market posted a strong gain boosted by banks and miners on Tuesday after good lead from European markets and Wall Street. At the close, the benchmark S&P/ASX200 index was up 69.1 points, or 1.49 per cent, at 4704.2 points, while the broader All Ordinaries index surged 64.9 points, or 1.39 per cent, to 4724.4.

Key Economic Facts and Figures

No economic data is due on Wednesday.

M&A News

GUD Holdings Limited (ASX:GUD) has extended its offer for all the ordinary shares in Breville Group Limited (ASX:BRG) so that the offer will now close on 5 February 2010. GUD said the decision to extend the offer period allows it to consider the reasons for the ACCC decision to oppose the proposed acquisition.

Agricultural chemicals supplier Nufarm (ASX:NUF) has received a revised and lower offer from China's Sinochem Corporation in relation to Sinochem's proposed takeover of Nufarm. Sinochem would not proceed with its previous proposed offer of A$13 cash per share and had instead proposed a price of A$12 cash per share. Nufarm said Sinochem had not yet clarified the terms and conditions attached to the revised offer.

Macarthur Coal (ASX:MCC) has agreed to acquire all of CITIC Resources' (HKG:1205) direct interests in certain Macarthur operating assets, as well as terminate CITIC Resources' marketing rights over coal generated from those operating assets and sold into China and India. Macarthur also intends to acquire 100 per cent of Gloucester Coal (ASX:GCL) through an off-market takeover offer valuing Gloucester at A$8.16 per share. Meanwhile, the company announced its intention to acquire Noble Group Limited's (SIN:N21) interest in the Middlemount JV, taking its ownership to 100 per cent including all marketing rights for Middlemount product. Noble Group holds 87 per cent of Gloucester's interest.

Important Corporate News

GrainCorp Ltd (ASX:GNC) said on Tuesday that earnings before interest, tax, depreciation and amortisation (EBITDA) for the 2010 fiscal year would be between A$180 million and A$210 million. Its malt operations would contribute between $100 million and $120 million in EBITDA for fiscal 2010.

VDM Group Ltd (ASX:VMG) said its wholly owned subsidiary, Wylie and Skene Pty Ltd, has been awarded a A$79 million contract with Rio Tinto's (ASX:RIO) subsidiary Robe River Mining Co Pty Ltd. The award of the contract grows VDM's total order book value to approximately A$400 million. The project is expected to be completed within 30 months with revenue expected to be booked in FY10 to FY12.

Santos (ASX:STO) and Oil Search (ASX:OSH) announced on Tuesday that the PNG LNG Project participants have finalised a binding Sale and Purchase Agreement with Osaka Gas (TYO:9532) for the long-term sale and purchase of liquefied natural gas totaling approximately 1.5 million tonnes per annum. The project will supply LNG to the Japanese company for a period of 20 years. Oil Search's Managing Director Peter Botten said the project participants expect to sign the final offtake agreement, which will see the project being fully contracted for the full 6.6 MTPA plant capacity in early 2010.