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Crown royal commission: Crown names Lendlease chief Steve Mcann CEO as bidding war flares

Save Share A battle has broken out for Crown Resorts after Star Entertainment Group lobbed a highly conditional plan to create a $12 billion merged gambling giant and Blackstone upped its bid for the embattled group, which has appointed Steve McCann as chief executive officer. The Star, which owns casinos in Sydney and Queensland, has lobbed a nil premium merger proposal with a string of conditions that would create a combined group valued at $12 billion. The new offer would see Crown shareholders receive Star shares and/or cash for their stock. New Crown boss Steve McCann has been boss of Lendlease for years. 

ASX to dipr; Crown confirms $12b merger offer from Star

ASX hits new record high; BHP, Rio, Fortescue soar Save Share ASX could hit 7500 in coming weeks William McInnes The momentum in the Australian sharemarket is set to continue, with some investment experts tipping the S&P/ASX 200 Index could clear 7500 in the coming weeks, driven by the banks and iron ore miners. The benchmark index closed at its highest level on record on Monday driven by a surge in the major iron ore miners amid soaring commodity prices. “The ASX/S&P 200 is set to surpass 7,200, likely hitting 7,500 in coming weeks, and could even go to 8,000, as iron ore hits record highs, taking BHP Billiton and Rio Tinto with it, and the CBA likely striking a record $100,” said Russel Chesler, head of investments and capital markets at VanEck Australia

Packer barred from Crown board

Packer barred from Crown board The NSW gaming regulator has reached an agreement with James Packer preventing him from seeking representation on the board of Crown Resorts. Business by Lachlan Moffet Gray Premium Content Subscriber only The NSW gambling regulator has reached an agreement with James Packer that formally bans him sitting on the board of or interfering with casino operator Crown Resorts, in which he owns a 37 per cent stake. In a statement the NSW independent Liquor and Gaming Authority said it had reached an agreement with Mr Packer s holding company, Consolidated Press Holdings (CPH), to limit the extent it is able to influence Crown.

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