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FerrAus Limited (ASX:FRS) said Foreign Investment and Review Board has approved to the placement of shares in FerrAus to China Railway Materials Corporation (CRM) . The placement of shares (equivalent to 12 per cent of FerrAus' expanded fully diluted share capital at the time of issue) is still subject to FerrAus shareholder approval and Chinese regulatory approvals.
FerrAus Limited (ASX:FRS) said Foreign Investment and Review Board has approved to the placement of shares in FerrAus to China Railway Materials Corporation (CRM) . The placement of shares (equivalent to 12 per cent of FerrAus' expanded fully diluted share capital at the time of issue) is still subject to FerrAus shareholder approval and Chinese regulatory approvals.

Sydney, Nov 27, 2009 AEST (ABN Newswire) - US market was closed for Thanksgiving Day holiday, but the overseas markets were strongly hit by fears of a debt default by Dubai World, Dubai government's key holding company. Dubai World, which owns strategic global assets, has asked bondholders for a standstill on about US$60 billion in debt until May.

Australian shares sharply plunged at opening on Friday, while the global market was rocked by the Dubai announcement regarding a delay in debt repayment. At yesterday's close, the benchmark S&P/ASX200 index was 0.3 per cent lower, at 4708.6 points, while the broader All Ordinaries index also slipped 13.4 points, or 0.3 per cent, to 4727.6 points.

The Australian dollar tumbled as investors sought safe haven assets after news of a potential debt default in Dubai. In early trade, the Australian dollar was trading at 91.45 US cents.

Key Economic Facts and Figures

The ABS said that capital expenditure by manufacturers slumped 13.5 per cent in the September quarter, spearheading a 4 per cent fall in total business investment. Investment in Australian manufacturing has slumped below 1 per cent of GDP for the first time in 60 years of statistics.

M&A News

In August, Amcor (ASX:AMC) announced that it had made a binding offer to acquire part of Rio Tinto Alcan's packaging unit. Amcor said on the European Commission (EC) had delayed a ruling on antitrust and competition issues by two weeks due to a request by the EC to extend its period of evaluation as well as review the need for a potential remedy.

Lend Lease (ASX:LLCDA) said that its UK public private partnership business, Catalyst Lend Lease, has agree to sell its 50 per cent financial interest in Queen's Hospital, Romford. The investment is being sold to HSBC Infrastructure Company Limited, for a consideration of GBP23.9 million.

Brandrill Ltd's (ASX:BDL) shareholders have approved its proposed A$378 million merger with fellow Australian drilling company Ausdrill Ltd (ASX:ASL), but the tie-up remains subject to court approval and certain other conditions.

Important Corporate News

Foster's (ASX:FGL) has won an appeal against an ATO assessment that could have cost it as much as A$546 million. The company had already paid A$253.6 million on the income tax assessment. That amount would be returned if the tax commissioner chose to forgo, or lost, an appeal.

Retailing giant Woolworths (ASX:WOW) is looking forward to a profit of nearly A$2 billion in 2010, despite "frugalism is a defining feature of the Australian consumer right now". Chief executive Michael Luscombe said reaffirmed Woolworths' forecast of an increase in profit of between 8 per cent and 11 per cent in the year ending June 2010.

Fisher & Paykel Appliances Holdings Ltd (ASX:FPA) lost $NZ82.41m in the six months ended September 30, compared with a $NZ7.35m net loss for the first half of last year. The company said the first-half result was hit by depressed market conditions generally related to the global financial crisis. But the group has reported a solid start to the second half.

FerrAus Limited (ASX:FRS) said Foreign Investment and Review Board has approved to the placement of shares in FerrAus to China Railway Materials Corporation (CRM) . The placement of shares (equivalent to 12 per cent of FerrAus' expanded fully diluted share capital at the time of issue) is still subject to FerrAus shareholder approval and Chinese regulatory approvals.

Contact

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


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