Rate-sensitive sectors including consumer stocks dragged the local sharemarket lower,despite a US equities rebound overnight following its steep sell-off.
Boral’s independent directors have caved in to Seven Group’s hardball takeover bid.
In a gutsy move,three directors of the Boral board not aligned with Seven Group have moved against Kerry Stokes’ plan to acquire the rest of the company.
Boral has rejected the takeover offer by Kerry Stokes’ Seven Group,claiming the $6.9 billion deal undervalued the company.
Building materials giant Boral is the latest big industrial player to join forces with a property developer to make money from its extensive property holdings.
The billionaire and his family want to buy the remaining share of the building materials company not already owned by Seven Group.
Australia’s largest brick company Brickworks is seeking to force the billionaire Buckeridge family’s construction empire to divest a subsidiary over competition concerns.
Building materials boss Vik Bansal has provided a bullish outlook for Australia’s construction sector,as investors sent Boral’s share price sharply higher.
Surging electricity prices and Australia’s patchy energy transition are prompting the country’s biggest cement,concrete and asphalt producer to temporarily halt manufacturing each day.
The Australian sharemarket started the month in the red weighed down by healthcare companies,utilities and another senior executive walk out at Fortescue.
Boards are taking a cautious stance on lifting dividends as businesses face rising costs and an economy that is slowing because of steep interest rate rises.