Australia…1 Hour In…ASX Up 31 Points

By Scott Phillips | More Articles by Scott Phillips

ASX200 up 31 points (0.5%) to 6198.

– Bank of Queensland (-1.2%); to raise $200m through capital notes offer.
– Boral (-0.2%); press speculation that private equity firm Clayton, Dublier & Rice has emerged as a potential buyer of Boral’s US assets.
– Coca Cola (+15%); has received a $9.3bn takeover offer (@ $12.75 a share) from Coca Cola European Partners. Trading @ $12.30. The co has backed the offer.
– CSR (+5%); upgraded by several brokers this morning.
– Karoon (+1.7%); has appointed Dr Julian Fowles as CEO.
– Link (+1.4%); has received a revised proposal @ $3.80 from Pacific Partners/Carlyle Group.
– Westpac (-0.8%); said $1.22bn of exceptional items, including a writedown of its life insurance services business, would drag down its 2H cash earnings.
– Zip (+0.6%); has acquired Australian retail search engine Urge for $5.5m.

Scott Phillips

About Scott Phillips

Scott has over 35 years experience in Australian equities, starting as a “chalkie” and trader on the Stock Exchange Trading Floor and spending the last 25 years advising and trading for International Institutions. He has been an Executive Director at JPMorgan and Nomura, a Governor of the Australian Stock Exchange and was recently awarded a Lifetime Achievment award by the Australian Stockbrokers Association.

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