Do Big Australian Companies Possess Bad Body Odor Or Offensive Breath For Foreign Corporates?

Do big Australian companies possess bad body odour or offensive breath for foreign corporates? Rio Tinto has just lobbed the third attempt by a large Australian company to acquire an offshore target. All three have experienced a lukewarm reception or were largely unwanted.

And who could forget the treatment meted out to BHP earlier this year, when its $75 billion attempt to acquire fellow miner Anglo was roundly dismissed by the UK-based miner’s board. By the time BHP put forward its third- and twice-sweetened offer, its own shareholders were starting to worry at the generosity of the offer.It doesn’t help would-be acquirers that the UK possesses quite onerous takeover rules that require the bidder to “put up or shut up”.

“Arcadium Lithium’s share price has fallen 63 per cent this year on weak lithium markets and reached an all-time low last month,” said Blackwattle’s portfolio managers, Tim Riordan and Michael Teran. Any offer would have to be at a “significant premium” to realise the company’s growth potential. Rio Tinto is expected to start producing lithium from its Rincon project in Argentina before the end of 2024.

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