Eagers Automotive, Australia’s largest car dealership, is making headlines with a $1 billion acquisition in Canada. To facilitate this significant North American purchase, Barrenjoey and Morgans managed a capital raising this morning. Eagers Automotive operates as a diversified automotive retail group, engaging in the sale of new and used vehicles, as well as related services. The company has a wide network of dealerships across Australia and is now expanding into North America.
Meanwhile, the Australian Securities Exchange (ASX) experienced a seesaw trading day. Lithium stocks faced downward pressure, and BHP Group dipped 1.5 per cent following reports of a potential ban in China. Conversely, DroneShield continued its upward trajectory. Separately, the Prime Minister has expressed concern over reports of a potential Chinese ban on BHP iron ore, emphasising the need for unimpeded flow of Australian mining exports to China.
In other news, the US government is facing a shutdown, with potential impacts across various sectors. Historically, government shutdowns average eight days, but the previous one during Donald Trump’s term lasted a record 34 days. The situation remains fluid as negotiations continue. Seven West Media’s recent deal is drawing comparisons to James Hardie, raising questions of trust between boards and shareholders.
