The S&P/ASX 200 (ASX: XJO) traded sideways on Tuesday, ultimately finishing the day flat.
News out of Crown Resorts Ltd (ASX: CWN), Cleanaway Waste Management Ltd (ASX: CWY) and Regis Resources Limited (ASX: RRL) were some of the bigger stories of the day.
Blackstone amends Crown terms
The Crown share price fell 0.2% as news was released confirming that Blackstone had amended the terms of their conditional takeover offer for the company.
In light of the ongoing inquiries in both WA and Victoria, Blackstone has included terms indicating they will not proceed if Crown’s casino licenses are threatened or not granted or if any other ‘material adverse change’ occurs.
Cleanaway out of Suez
On the positive side, Cleanaway’s target Suez has agreed to be acquired by French giant Veolia, ending Cleanaway’s ill-fated attempt to acquire Suez’s Australian operations.
Cleanaway did, however, manage to negotiate the purchase of two NSW landfills and five transfer stations that fill a number of gaps in its collection activities. The market responded by sending Cleanaway shares 2.4% higher.
ETFs hit $100 billion
After seeing some $33 billion in capital flows during the volatility of 2020, the exchange traded fund (ETF) market has finally reached $100 billion in 2021, with BetaShares predicting another 25% growth before the year is out.
Regis’ big buy
Regis Resources Limited (ASX: RRL) shares entered a trading halt on Tuesday as the ASX gold miner announced plans to acquire the 30% interest in the Tropicana gold mine from IGO Ltd (ASX: IGO). The Tropicana mine is currently joint-owned by IGO (30%) and AngloGold Ashanti (70%), one of the largest gold miners in the world.
Tropicana is one of the largest gold mines in Australia, with gold production of 463,000 ounces in FY20 and guidance of 380,000 ounces to 430,000 ounces in FY21 on a 100% basis.
Regis has signed a conditional binding agreement with IGO to buy its 30% stake, effective 31 March 2021 for A$903 million cash. Regis Resources shares finished the day in a trading halt, while the IGO share price jumped 1.5%.
