ASIC disqualifies directors 💼

Rio approaches Arcadium Lithium

October 07, 2024

Welcome to Point Blank – Ready for that coffee?

ASIC updates guidance (RG 236) for carbon market participants, including those involved in the ACCU scheme (ASIC).
AASB has approved new sustainability disclosure standards as mandatory climate reporting starts on 1 January 2025 (AASB).
A reminder that Australia’s competition merger control reforms will take effect at the beginning of 2026, offering the ACCC a greater say in Australian deal-making (Global Competition Review).
ASIC has disqualified a NSW director for five years following the collapse of six companies, signalling ASIC’s growing appetite to impose maximum penalties for corporate misconduct (ASIC). ASIC spells out its disqualification powers here.

China accounted for 40% of global low-emissions hydrogen projects— a bold move from the world’s largest emitter (IEA). Australia's energy future hinges on partnering with China to leverage its clean-tech dominance (AFR).
RBA has blacklisted Westpac for allegedly leaking confidential discussions following a meeting with then-deputy governor Michele Bullock, marking the third such penalty for leaks by financial institutions (AFR).
On the back of rate cuts, China is ramping up its deficit with reports of US$285bn (1.5% of GDP) debt intake to tackle its declining property market (The Economist).
Google threatens to stop linking New Zealand’s news in response to the country’s new revenue-sharing bill (Reuters).
Marc Rowan, CEO of Apollo, predicts that as IPOs decline and most fund managers fail to outperform the market, everyday investors will increasingly turn to owning stakes in private companies (AFR).

Rio confirmed it has approached Arcadium Lithium for a potential acquisition (AFR). The deal looks like a no-brainer due to its strategic fit and financial synergies with Rio's existing projects in Argentina (AFR).
The Takeovers Panel is investigating ERA's discounted rights issue that could allow Rio Tinto to compulsory acquire ERA, as minority shareholders push for a delay to the issue until ERA’s issues around Jabiluka are resolved (AFR).
Despite recent speculation, Anglo American CEO denies that the company will be an "inevitable" takeover target after restructuring to focus on copper (Reuters).

As at last market close. Australian dollars.

Peter Dutton aims to persuade Queensland opposition leader David Crisafulli to reconsider his stance against nuclear power, despite Crisafulli maintaining that he won’t lift the state nuclear ban (AFR).
NSW Premier calls for the implementation of age bans on social media ASAP following federal government’s plan to introduce legislation restricting social media use (AFR).
Former High Court CJ Robert French devises a model for a social media ban with federal backing, but queries privacy concerns (The Conversation; CJ’s Report)
The Takeovers Panel reopens an investigation into Rio Tinto’s use of a deeply discounted rights issue to potentially take full control of former uranium miner Energy Resources of Australia (AFR).

Fin

AussieSuper is expanding its presence in the US by relocating two executives to New York, aiming to double its footprint by 2026 (AFR).
ANZ to pay A$99 million to settle 2 class actions from 2020, one of which involved allegations of improper "flex commissions" paid to car dealers for loans issued between 2011 and 2016 (Reuters).

Diggers

Stringent environmental approvals remain the biggest obstacle to the roll-out of major wind and solar farm projects, according to Acciona (the Australian).
Regis Resources investors are after dividends after Regis being forced to pause its flagship McPhillampys project (the Australian).
Origin Energy scraps its hydrogen venture in the NSW Hunter Valley, delivering a major setback to Labor's decarbonisation strategy (AFR).

Tech

OpenAI has secured $6.6 billion in new funding, boosting its valuation to $157 billion and cementing its position as a top player in generative AI (AFR).
Add Samsung Electronics to the list of companies trimming their workforce, as they announce plans to cut up to 10% of staff in Southeast Asia, Australia, and New Zealand (AFR).

Mills Oakley, on a hiring spree, reportedly adds four new partners to their legal forces (AFR).
An Arcadium Lithium shareholder is throwing hands over Rio Tinto's proposed $US4-6 billion buyout, calling it a "highly opportunistic" offer and insisting on a minimum of $US8 billion (AFR).
MinterEllison nabs KWM’s former disputes lead (Lawyerly).