Street Talk’s sniffed out a monster deal in the works. Looks like ASX-listed pallets giant Brambles is getting sized up by KKR. The transaction is in “very, very early stages” and sure enough Brambles’ board fired off a denial on Tuesday afternoon. But we hear Brambles’ global business is attractive to other buyout firms too. With takeovers commanding at least a 20 per cent premium, the battle for Brambles could easily be worth $18 billion. Another ASX-listed company that got more action than it was hoping for today was Genworth Mortgage Insurance. A mystery investor launched an afternoon raid and by 5:30pm had cornered 14.99 per cent of the company. While the buyer (since confirmed to be Ares Management) vouched “no current intention” of a change of control transaction, the raid sent cheers among some Genworth investors who reckon management’s been too conservative of late.
BAI Communications has put its Australian broadcast and telecommunications towers on the block, setting the scene for another $2 billion-plus auction between infrastructure investors and superannuation funds in coming months.