Australian Agricultural Company (ASX:AAC) said it has terminated talks on a proposed deal with Primary Holdings International Group as agreement on the structure and terms of the proposed transaction is unlikely given the complexities of undertaking integrated property, joint venture and cattle management agreements in the current economic climate.
Australian Agricultural Company (ASX:AAC) said it has terminated talks on a proposed deal with Primary Holdings International Group as agreement on the structure and terms of the proposed transaction is unlikely given the complexities of undertaking integrated property, joint venture and cattle management agreements in the current economic climate.
Sydney, May 11, 2009 AEST (ABN Newswire) - Wall Street closed firmer on Friday as investors saw the signs of economy recovery from new data that showed a slower pace of US job losses and government's stress test results indicating that banks' capital shortages are manageable.

The Australian shares ended marginally higher last Friday. The benchmark S&P/ASX200 index was up 3 points, or 0.1%, to 3941.7, while the broader All Ordinaries Index rose 7.5 points, or 0.2%, to 3919.6.

Key Economic Facts and Figures

Figures from PricewaterhouseCoopers show that advertisers still have confidence on internet as online advertising rose 14 per cent for the first quarter ended March 31 compared with the same period last year. The total of online marketing for the quarter was A$439 million.

Today the National Australia Bank will release its monthly business survey for April and the Dun and Bradstreet is to release business expectations survey.

M&A News

Asciano (ASX:AIO) responded to a query from Australian Securities Exchange today that it had received incomplete proposals from four bidders and it was in continuing confidential talks with four bidders. The port and rail operator also reaffirmed its guidance that earnings before interest.

Brewer Lion Nathan (ASX:LNN) said it had signed an implementation agreement with Japanese brewer Kirin (TYO:2503) for a takeover deal. Kirin is offering A$12.22 per share, made up of A$11.50 cash per share a share and a 72 Australian cent dividend, for the 54% of Lion it doesn't already own.

Australian Agricultural Company (ASX:AAC) said it has terminated talks on a proposed deal with Primary Holdings International Group as agreement on the structure and terms of the proposed transaction is unlikely given the complexities of undertaking integrated property, joint venture and cattle management agreements in the current economic climate.

Important Corporate News

Shares in Pacific Brands (ASX:PBG) have entered a trading halt pending for an announcement in relation to a capital raising.

Incitec Pivot (ASX:IPL) posted a 41 per cent fall in its first-half net profit to A$99.6 million from A$169.8 million in the previous corresponding period. The explosives and fertiliser maker slashed its dividend as weaker sales, falling materials prices and restructure costs hit the company.

Arrow Energy (ASX:AOE) said it is in talks to add two more blocks in China, while at the same time preparing to drill 11 exploration wells in the Qinnan block in China's coal-rich Shanxi province.

Logistics firm Brambles (ASX:BXB) will hold its annual review of operations in Madrid for three days from today.

Shares in Santos Ltd (ASX:STO) have entered a trading halt as the oil and gas producer plans to sell new shares to its institutional and retail investors to raise cash. The trading halt will remain in place until Santos finalises the institutional component of the capital raising, or when trading begins on Wednesday.

Lend Lease (ASX:LLC) said that revised guidance after the removal of these items and other adjustments for the year ending June 30 is for net operating profit after tax of about A$300 million. The company's previous guidance was between A$380 million and A$400 million.

Metallica Minerals Limited (ASX:MLM) announced that China's second largest nickel producer, Jilin HOROC Nonferrous Metal Group Co., Ltd (Jilin), has increased its holding in the diversified Australian resource company to 19.95%.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

Santos Limited         
Pacific Brands Limited          
Metallica Minerals Limited        
Lion Nathan Limited        
Lendlease Group          
Kirin Holdings Company, Limited.        
Incitec Pivot Ltd        
Brambles Limited         
Australian Agricultural Company Limited       
Asciano Group          
Arrow Energy        

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