What we Liked? Santos (STO) – Has rejected Harbour Energy’s ‘best and final’ offer to buy all shares at A$6.95 valuing the company at $14.4bn. Santos says “the offer price was too low and the control premium was inadequate, and having a US-dollar based bid put too much foreign exchange risk onto the 120,000 retail shareholders in the company.” To add to it, Santos has made significant improvement in its performance so much so that it is expecting to reach its 2019 net debt reduction target of $2 billion more than a year ahead of schedule. Whilst a short term disappointment, the medium-long term fundamentals are still promising. Westfield shareholders have approved the takeover of Frank Lowy’s shopping centre empire by Unibail-Rodamco. It’s the end of an era for Lowy who has bailed out at the perfect time. Right when Amazon is destroying shopping malls because their tenants, i.e. small retailers, simply cannot compete with the online e-commerce giant. Some mall operators are using the vacant space for mixed use such as fitness, spa or entertainment services. Categories that can’t be disrupted. Others are looking to build apartments. Victoria is leading the way in construction with construction…

To continue reading...

CLICK HERE NOW

Blurred Text