“It’s a positive day across the Asia-Pacific region,” said Dan Stratful, an investment adviser at Forsyth Barr. “Some of the blue chip stocks are rallying, and that’s dragging the index higher.” Transport company Mainfreight touched a record high of $71.99 in intraday trading, and closed up 1.6 per cent at $71.39. The a2 Milk Company gained 1.7 per cent to $7.65, having lost 37 per cent of its value so far this year. The stock is rebounding from its lows after sales of the company’s specialty milk products were disrupted by the pandemic. “It’s been a falling knife up until now,” Stratful said.
Packer spared royal commission grilling The reclusive billionaire has not been called to give evidence at the Crown Resorts royal commission in Perth, but that could change.
Crime by Rebecca Le May 20th Apr 2021 3:44 PM James Packer has not been called to give evidence at the royal commission in Western Australia that is digging into evidence Crown Resorts facilitated money laundering at its Perth casino. The probe, along with a separate royal commission in Victoria, comes after a NSW gaming regulator inquiry concluded evidence showed the company turned a blind eye to money laundering at its Perth and Melbourne venues and it partnered with Asian junket tour operators with links to organised crime.
Blackstone adds break clause to Crown deal in event of licence suspension
13th April 2021
| By Daniel O Boyle
Private equity giant Blackstone has altered its bid to acquire Crown Resorts, so that the deal will not go ahead if either of Crown’s existing licences are suspended or its New South Wales licence is not granted.
Blackstone put forward an offer of AUS$8.02bn (£4.47bn/€5.21bn/US$6.19bn) to acquire the remaining 90.1% of shares in Crown last month, having already acquired 9.99% of the business from Melco in April 2020.
Under this deal, Blackstone will pay $11.85 per share.
At the time, Crown said it is yet to fully review the proposal and launched an assessment of the offer.
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