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The board of Felix Resources (ASX:FLX) has unanimously recommended an all-cash offer from China's Yanzhou Coal Mining (HKG:1171) (SHA:600188) worth about A$3.5 billion. Yanzhou has agreed to a deal under which Felix shareholders would receive A$16.95 a share in cash.
The board of Felix Resources (ASX:FLX) has unanimously recommended an all-cash offer from China's Yanzhou Coal Mining (HKG:1171) (SHA:600188) worth about A$3.5 billion. Yanzhou has agreed to a deal under which Felix shareholders would receive A$16.95 a share in cash.
Sydney, Aug 14, 2009 AEST (ABN Newswire) - Wall Street finished higher in choppy trade as the upbeat economic data in Europe offset the news of disappointing retail sales in US. Wal-Mart's second-quarter earnings, above analyst's expectations, also helped to lift the market.

Yesterday, the Australian share market posted a strong gain as the positive comments by the US Federal Reserve boosted the financial sector. The benchmark S&P/ASX 200 index advanced 92.8 points, or 2.14 per cent, to 4435.9, while the broader All Ordinaries index rose 90.8 points, or 2.09 per cent, to 4436.7.

Key Economic Facts and Figures

The Housing Industry Association-Commonwealth Bank First Housing Affordability Index fell to 152.5 index points in the June quarter from 161 index points in the March quarter. The median house price rose to A$419,900 in the June quarter, from $386,400 in the March quarter, taking the median monthly mortgage repayment payment to $1983, up from $1843 over the same period. That marks a 7.6 per cent rise.

Melbourne Institute survey showed that consumer inflationary expectations rose to 3.5 per cent this month, from 3.2 per cent in July. The inflationary expectations level was still well below the median expected rate of 4.9 per cent observed a year ago.

M&A News

Prime Retirement & Aged Care Property Trust (ASX:PTN) has conducted a strategic review of its operations with a view the reducing debt, lowering costs, simplifying operations and ceasing new development expenditure. The board determined to sell thirteen non-core rental facilities to Lend Lease Corporation (ASX:LLC) for A$76.75 million.

Earth moving equipment company Emeco Holdings (ASX:EHL) said it has received an unsolicited, indicative non-binding proposal to acquire 100% of the company from a financial investment firm. The company advised shareholders the proposal is preliminary and incomplete. The company also gave guidance for full-year profits, prior to restructuring and impairment charges, of about A$57 million to A$58m.

The board of Felix Resources (ASX:FLX) has unanimously recommended an all-cash offer from China's Yanzhou Coal Mining (HKG:1171) (SHA:600188) worth about A$3.5 billion. Yanzhou has agreed to a deal under which Felix shareholders would receive A$16.95 a share in cash.

Arrow Energy (ASX:AOE) says it is not aware that it is being targeted by Chinese interests and that it has not received a takeover offer in response to the ASX query. Its share price rose as a report saying it was being targeted by Chinese interests.

Important Corporate News

PMP Ltd (ASX:PMP) has posted an annual net loss of A$27.2 million for the year ended June 30, down from the A$78.9 million profit it posted in the previous financial year. The company recorded A$65.2 million in significant items, related to redundancy and restructuring costs and asset write downs.

Crown Limited (ASX:CWN) said Melco Crown Entertainment Limited (NASDAQ:MPEL) has successfully conducted a US$200 million equity placement. Following the placement, Crown's ownership interest in Melco Crown will be diluted from 36.4% to 33.6%.

Leighton Holdings (ASX:LEI) reported a net profit of A$440 million for the year to June 30, down 28% from A$608 million last year. The result was impacted by a reduced property development contribution and previously flagged investment impairments. Chief executive Wal King said Leighton expected a net profit of about A$600 million for fiscal 2010, subject to any further investment impairments.

Contact

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


Related Companies

Yanzhou Coal Mining Company Limited        
Prime Retirement & Aged Care Prop Trust       
PMP Limited        
Melco Crown Entertainment Ltd       
Lendlease Group          
Felix Resources Limited         
Emeco Holdings Limited        
Crown Resorts Ltd        
Cimic Group Ltd          
Arrow Energy        

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