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Sydney, May 21, 2010 (ABN Newswire) - The Australian share market sank massively at opening on Friday, after Wall Street and European markets overnight slumped again due to Europe debt jitters. The Dow Jones industrial average experienced its deepest one-day plunge in more than a year, as investors feared that the European debt crisis might spread around the world.
Today the benchmark S&P/ASX200 index slashed over 3 per cent shortly after the opening bell, further extending the losses made in the recent trading sessions. Yesterday the Australian shares fell 1.6 per cent. The Australian market is set for its worst weekly performance since November 2008, so far the S&P/ASX200 has declined approximately 9.4 per cent for the week.
Company News
GUD Holdings Ltd (
ASX:GUD) today confirmed that it has signed an agreement with Dexion Ltd (ASX:DEX) under which, subject to the satisfactory completion of confirmatory due diligence, it would make an off-market takeover bid to acquire all the issued shares of Dexion, a solutions provider for the industrial and commercial storage markets in Australia, New Zealand, Asia and the Middle East. The Dexion board has agreed to recommend the offer, in the absence of a superior proposal. The proposed offer is at a price of A$0.8 cash per Dexion share, reflecting a 100 per cent premium to the Dexion's closing share price of A$0.4 yesterday.
Suncorp-Metway (ASX:SUN) says its general insurance business will improve its underlying margin by at least 3 per cent over the next two years. The improvement in the underlying insurance margin would be underpinned by five key projects, which will deliver A$235 million in annual benefits by June 2013. The project costs of A$120 million will be absorbed by cuts to discretionary spending and redirection of capital expenditure. Suncorp's personal insurance business will see a portfolio of separate businesses merged into a single model. And its commercial insurance business is targeting market share growth, particularly in the small and medium-sized enterprise sector.
Sigma Pharmaceutical Limited (ASX:SIP) has received a non-binding, indicative and conditional proposal to acquire all the issued share capital of Sigma for an indicative price of A$0.6 per share under a scheme of arrangement or other whole of business transaction. The offer values the company at over A$700 million. Sigma said its board is considering the proposal and recommends that shareholders take no action at this stage.
Today the benchmark S&P/ASX200 index slashed over 3 per cent shortly after the opening bell, further extending the losses made in the recent trading sessions. Yesterday the Australian shares fell 1.6 per cent. The Australian market is set for its worst weekly performance since November 2008, so far the S&P/ASX200 has declined approximately 9.4 per cent for the week.
Company News
GUD Holdings Ltd (
ASX:GUD) today confirmed that it has signed an agreement with Dexion Ltd (ASX:DEX) under which, subject to the satisfactory completion of confirmatory due diligence, it would make an off-market takeover bid to acquire all the issued shares of Dexion, a solutions provider for the industrial and commercial storage markets in Australia, New Zealand, Asia and the Middle East. The Dexion board has agreed to recommend the offer, in the absence of a superior proposal. The proposed offer is at a price of A$0.8 cash per Dexion share, reflecting a 100 per cent premium to the Dexion's closing share price of A$0.4 yesterday.Suncorp-Metway (
ASX:SUN) says its general insurance business will improve its underlying margin by at least 3 per cent over the next two years. The improvement in the underlying insurance margin would be underpinned by five key projects, which will deliver A$235 million in annual benefits by June 2013. The project costs of A$120 million will be absorbed by cuts to discretionary spending and redirection of capital expenditure. Suncorp's personal insurance business will see a portfolio of separate businesses merged into a single model. And its commercial insurance business is targeting market share growth, particularly in the small and medium-sized enterprise sector.Sigma Pharmaceutical Limited (
ASX:SIP) has received a non-binding, indicative and conditional proposal to acquire all the issued share capital of Sigma for an indicative price of A$0.6 per share under a scheme of arrangement or other whole of business transaction. The offer values the company at over A$700 million. Sigma said its board is considering the proposal and recommends that shareholders take no action at this stage.| Tweet |
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Related Companies |
>>>      Dexion Limited>>> GUD Holdings Limited>>>  Sigma Pharmaceuticals Limited>>>  Suncorp-Metway Limited |
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Auto Parts & Equipment | Commercial Banking | Credit & Misc. Finance | Consumers General | Financial General | Health & Pharm General | Manufacturing General | Australian Economy | |
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