James Hardie’s $14bn bet

👋 G’day

Today’s brief:

• James Hardie will acquire AZEK for $14bn, G+T acting.

• 80 global CEOs will gather in Beijing for summit with Xi Jinping.

• HWLE has inked 10-year lease for a brand new office.

We’re back with the insights you need to know to stay head 👇

PRACTICE POINTS

FIRB’s new refund regime

• FIRB has introduced a refund and credit regime for unsuccessful bidders in competitive bid processes. Bidders can request up to 75% refund of their application fee or a full credit to be applied to another FIRB application within 24 months. FIRB will decide on each request discretionarily, based on individual cases – strict eligibility criteria applies. And the regime might see sellers running competitive bid processes require FIRB applications and fees to be paid in advance as part of binding bids.

• ACCC calls time on supermarket dominance. The ACCC’s final report recommends 20 reforms to tackle the dominance. of Coles, Woolworths and ALDI. That includes requiring supermarkets to release their pricing information, publish notifications when packaging sizes drop to address shrinkflation, and stop supermarkets from unilaterally cutting prices or volumes agreed with fresh produce suppliers.

• ASIC Chair Joe Longo spoke at Australian Governance Summit on evolving directors' duties, urging boards to adapt to challenges posed by a data-driven digital economy and geopolitical risks. He stressed the importance of incorporating science and tech expertise on the board, especially in AI and cybersecurity, to improve governance and decision-making. Looking ahead, Longo revealed ASIC's Simplification Consultative Group will streamline regulatory guidance and prioritise legal reforms to reduce complexity.

WORD ON THE STREET

ATO targets lawyers

• The ATO has clawed back $28m from lawyers after uncovering rampant non-lodgement of tax returns and dodgy income reporting. In a review of 250+ practitioners, 85% hadn’t lodged returns, with one lawyer hit with $8.6m in liabilities. The ATO warns lawyers could be struck off if prosecuted—calling the misconduct more than just an “admin fail”: Lawyers Weekly

• Global law firm Ashurst has re-elected Karen Davies as its global chair for a second term, effective 1 August. The London-based M&A partner has served on the firm's board since 2017 and as chair since 2021. Her priorities include innovation, technology, and sustainable practices to drive Ashurst’s growth and client satisfaction. Three Australians sit on the Ashurst board, including chief executive Paul Jenkins. Catch a snapshot of how Ashurst stacks up on key metrics here: Lawyers Weekly

• Off the back of Macquarie Law School’s Acknowledgement of Country saga, Monash PhD law students say they’re being forced to apply Marxist, feminist and queer theory in every thesis—regardless of topic. One student warns the approach is “destroying legal academia” and leaving no room for traditional black letter research.

• HWL Ebsworth has locked in a 10-year lease with Charter Hall and Investa at 360 Queen Street in Brisbane. Inspired by the city and the surrounding natural environment, the $800m commercial tower features premium end-of-trip facilities and a wellness centre, highlighting the growing demand for modern, eco-friendly office spaces.

TALKING POINTS

Trump puts pressure on Big Law

• After banning Paul Weiss lawyers from federal work, Trump withdrew the order only after the firm made major concessions. The firm’s chair publicly roasted ex-partner Mark Pomerantz (who tried to build a criminal case against Trump at the DA’s office), pledged $40m in free legal work for Trump-backed causes, and agreed to scrap DEI hiring policies. Insiders say Trump never made formal demands—the firm offered concessions in a bid to stop the bleeding after clients began walking. White House aides are now gloating, seeing it as a template to target other firms seen as hostile: Guardian

• Over 80 global CEOs gather in Beijing to meet with Xi Jinping for key annual China Development summit this month. The forum, focusing on boosting domestic consumption amid trade tensions, and includes major companies like RioTinto, BHP, Anglo American, Fortescue, Blackstone, HSBC, Deutsche Bank, and Apple: Reuters

• Trump has introduced a sweeping anti-climate agenda, including pulling the US out of the Paris Agreement and freezing some investment in renewables. Brookfield shrugs off Trump’s climate U-turn, saying clean energy demand is too strong to stall — especially from data centres chasing fast, cheap power. Solar’s speed and low cost are the “secret sauce”, keeping it front and centre. Fresh off its $10.6bn Neoen deal, Brookfield’s doubling down on solar, storage and carbon capture: AFR

TREASURY

DEAL ROOM

James Hardie’s $14bn bet

• James Hardie will acquire outdoor building products group AZEK at almost $14bn (US$8.75bn). Under the deal, AZEK shareholders will receive US$26.45 in cash and 1.0340 James Hardie shares per AZEK share, representing a 26% premium. The transaction will make James Hardie the majority owner (74%) of the combined company. The deal is expected to boost net sales and EBITDA growth, with synergies generating $1bn+ in annual free cash flow. James Hardie will also list its shares on the NYSE. Gilbert + Tobin act for James Hardie: AFR

• Nine nears a deal to sell Domain to CoStar, with a price tipped between $4.20 and $5 per share. As a 60% shareholder, Nine is pushing not just for the best price—but also to retain a minority stake or lock in a lucrative marketing contract with CoStar. The real question is what's Nine's next move? Does it snap up other businesses or focus on its traditional media assets: The Australian

• Existing US investors in ByteDance including KKR, General Atlantic and Coatue are plotting to buy TikTok’s US arm. Meanwhile, Oracle tapped to handle user data security. Byte Dance would look to maintain a reduced stake, easing Trump’s concerns over Chinese control as the April 5 ban deadline looms. Deal terms are still fluid: Financial Times

• Ravenswood gold mine sale heats up, with 5 bidders in round two, including only one Aussie buyer—Regis Resources. The rest are international: Shangai-listed group, Chifeng, and Indonesian players like United Tractors and the Salim family's Mach Metals. Bids should come in around $US1bn (A$1.6bn), with Azure and UBS running the process: The Australian

SECTOR SPECIFIC

6 million logins hacked

🚜 DIGGERS

• Trump fires up domestic mining push. A new executive order invokes the Defense Production Act — first used by Truman to boost steel output for the Korean War. Trump will turbocharge US production of critical minerals and potentially coal. The move unlocks financing, fast-tracks permits, and targets rare earths, uranium, copper and gold to reduce reliance on China's supply chains: Mining.com

• South32 has been accused of using confidential information to its advantage. Strang International has filed a claim in the Federal Court alleging that mining giant used info obtained during a contract to replicate Strang’s products, including strapping systems and hydraulic grab systems for metal transportation. The claim alleges that South32 built similar products, including a forklift grab system and strap table, using Strang’s trade secrets: AFR

🏦 FIN

• Westpac is eyeing up the defence sector with an aim to increase its institutional loan book from by $25bn before 2026. This includes lending to European defence companies supporting AUKUS submarine base infrastructure. Westpac's new Frankfurt office will help cater to the global demand for defence-related services: AFR

• Accenture's shares slid 10% after the consultancy flagged a slowdown in US government work. Trump’s spending crackdown and Musk’s “efficiency” push are hitting top-paid consulting firms. Accenture said federal contracts make up 8% of global revenue and warned of ongoing uncertainty as US agencies reassess deals. 1700 consulting contracts worth US$4.5bn (A$7.1bn) have already been axed: AFR

🏡 RETAIL & REAL ESTATE

• In East Melbourne, bidders fought over the hotly contested hospital. The 1,549sqm property, featuring a 13-bed day hospital, attracted significant interest, with nine bidders and eight unconditional offers. The sale highlights strong demand for quality healthcare assets, with over $80 million in unallocated capital seeking similar investments. The sale was managed by CBRE: Commo

• Qantas’ CEO Vanessa Hudson, is delivering impressive results 18 months into her role, winning over disgruntled passengers, reporting super-sized profits, and generating knock-out returns for investors. Hudson, 55, believes the strong numbers are sustainable, with relentless demand for flights and Qantas’ largest-ever fleet overhaul set to drive further growth: Bloomberg

📱 TECH

• A hacker says they’ve stolen 6 million login credentials by exploiting an outdated Oracle login page, prompting urgent cyber reviews at CBA, Telstra, Woolies and Qantas. The hacker says it’s also hit government agencies like the ATO and Department of Defence. Oracle denies any breach, but firms are scrambling to reset passwords and secure systems: AFR

• Wealth Management Colonial First State has enhanced its “FirstTech” function with gen-AI, generating more accurate responses to complex financial queries. The AI chatbot now answers 65% of questions accurately and is being optimised to assist with onboarding new staff and potentially support advisers in the future: itNews

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