The Australian share market has struggled for direction in early trade, while shares in Crown have surged on a takeover offer, leading gaming stocks higher.The Australian dollar was weaker, buying around 77.3 US Centsan $8 billion takeover offer from US private equity giant BlackstoneThe offer was priced at $11.85 per share, a premium of more than 20 per cent on Crown’s Friday closing price.
Insurance stocks fell sharply as heavy rains cause flooding and property damage, with sever weather warnings in place for most of New South Wales.The moves on the local market follow a mixed finish for Wall Street on Friday. The S&P 500 banks index dropped after the US Federal Reserve said it would not extend a temporary capital buffer relief put in place to ease a pandemic-driven stress in the funding market.
The measure, called the supplementary leverage ratio exemption, had been put in place during the pandemic, to ease stress on the funding market.
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Star, Crown merger would be a 'company of scale' on global platform | Sky News AustraliaStar Entertainment CEO Matt Bekier says if his company merges with Crown Resorts it would create a company of scale on the global stage.\n\nThe Star Entertainment Group has proposed a $12 billion merger with Crown Resorts in a deal which would create a gambling and hospitality empire spanning across seven properties in four states.\n\nUnited States investment company Blackstone has also made a bid for the embattled casino operator after regulators suspended Crown's gaming license at its new flagship Sydney casino in February.\n\n“With this company, the combined assets will be a company of scale on the global platform,” Mr Bekier told Sky News.\n\n“When COVID lifts and travel is back that positions us really well to take full advantage.”\n\nAside from the offer price Mr Bekier said Star’s offer differs from competitors because of synergies but admitted up to 700 middle and senior management jobs would go. \n\n“We have synergies. We have estimate that there’s about $150 to $200 million of costs synergies.\n\n“We’ve been able to give guarantees to governments as well as the unions that the frontline, the customer serving staff will not be affected.\n\n“The frontline staff won’t be affected; this is really a corporate restructure.”\n Well, that's JUST what the world needs: Another multinational gambling and hospitality empire concentrating obscene amounts of wealth in the hands of a few already obscenely wealthy, morally vacuous individuals. Good stuff! Honestly, it's amazing humans have lasted this long ... Could I still launder my money though?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Star launches Crown casino merger bid, in attempt to create $12 billion gambling giantCasino operator The Star Entertainment Group submits a merger proposal to main rival Crown Resorts.
Source: abcnews - 🏆 5. / 83 Read more »