Here are the news headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) on Thursday morning. APN Outdoor Group Ltd (ASX: APO) has received a takeover offer from JCDecaux and AMP Limited (ASX: AMP) has a new chairman.
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 73.73 US cents
Dow Jones (DJI): down 0.2%
Oil (WTI): $US65.91 per barrel
Gold: $US1,271 per ounce
Australian Investing News
Making news in Australia today, APN Outdoor Group Ltd (ASX: APO), the advertising and media business, announced that it has received a takeover offer from France’s JCDecaux priced at $6.52 per share. JCDecaux will now undertake six weeks of due diligence. In the meantime, APN Outdoor’s board of directors has advised shareholders to “take no action”.
Embattled financial services company, AMP Limited (ASX: AMP), announced David Murray will become its new Chairperson effectively immediately. Mr Murray will replace acting Chairman Mike Wilkins, who will take up the position of acting CEO.
Kiwi building company Fletcher Building Ltd (ASX: FBU) publicly filed its shareholder presentation materials today. Fletcher Building confirmed its strategy to improve its financial and operating performance.
“Fletcher Building is currently one of the most diversified building materials companies in the world, with operations spanning multiple geographies, sectors, value chains and product lines,” CEO Ross Taylor said. “As we announced to the market in April, we have made the decision to focus our portfolio by divesting our Formica and Roof Tile Group businesses and focusing our capital and capability behind the New Zealand and Australian markets.”
Fletcher Building also announced the appointment of its revamped senior executive team.
Infant formula business Bellamy’s Australia Ltd (ASX: BAL) has made new arrangements to increase organic milk supply. Bellamy’s said it has amended the agreement with the Australian arm of dairy giant Fonterra (ASX: FSF), signed a multi-year agreement with Australian Consolidated Milk and amended an agreement with Tatura Milk Industries.
“This is an exciting step forward for Bellamy’s and the Australian organic dairy industry,” Bellamy’s CEO Andrew Cohen said. “We believe the rising demand for our brand and high quality, premium organic infant formula in Australia, China and emerging Asia can become an important and value-added platform for Australian farmers.”
Private hospital giant Ramsay Healthcare Limited (ASX: RHC) revealed that a recent review into the value of its UK hospitals will result in a non-cash reduction of $125 million. Ramsay said the impairment has no impact on its debt facilities and will not affect its final dividend.
However, a downturn in the UK hospital market has coincided with weaker-than-expected growth rates. “Ramsay advises that its FY18 Core EPS growth is now expected to be approximately 7% compared to the guidance of 8% to 10% previously provided,” its ASX announcement read.
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