AUCTION BLOCK
The latest news from major asset sales around the country
Auckland International Airport
Bankers: First NZ Capital, Credit Suisse.
Potential bidders: Canada Pension Plan, Macquarie Airports, Hastings Funds Management.
Likely sale price: $4.4 billion.
Update: Auckland has rejected a partial offer from Canada Pension Plan and said on December 21 that it had opened a data room to another unidentified international bidder.
Australian Agricultural Company
Brisbane-based rural group effectively up for sale after Futuris said it would seek buyers for its 43% stake.
Bankers: Caliburn and Citi for Futuris, JP Morgan for AACo.
Potential bidders: Macquarie Pastoral, Temasek, other sovereign wealth funds, consortia of private investors, institutions.
Likely sale price: $300 million for Futuris stake.
Update: In December, AACo announced an upgrade of its asset valuation by $180 million, or 49c a share.
Borders Group
US-based Borders Group Inc's seeking offers for bookstore chain in Australian and New Zealand.
Possible sale price: $70 million.
Banker: KPMG Corporate Finance.
Stage: Regulatory approvals being sought.
Potential bidders: Pacific Equity Partners and Dymocks Group of Companies.
Update: PEP, owner of A&R Whitcoull's Angus & Robertson chain, has sought regulatory approval for a purchase.
Carter Holt Harvey
The Auckland based company owned by Graeme Hart's Rank Group is selling its building supplies business.
Possible sale price: $1.9 billion.
Banker: Credit Suisse, First NZ Capital
Potential bidders: Boral, Fletcher Challenge, CVC, Blackstone.
Update: Boral said on November 21 it was seeking anti-trust approval to make an offer. Market talk in December that CVC and Blackstone still to finalise funding.
Centro Property Group
The Melbourne-based property group is seeking buyers for assets after negotiating a standstill agreement with its financiers.
Banker: Lazard Carnegie Wylie
Legal: Freehills
Potential bidders: Westfield, Stockland, Mirvac, other property investors.
Likely sale price: Up to $25 billion of property assets potentially for sale.
Update: Data room for offers for Centro itself or its interest in two property funds opened on January 29.
Dairy Farmers
NSW-based milk co-operative
Bankers: Goldman Sachs JBWere.
Potential bidders: Fonterra, National Foods, Goodman Fielders.
Likely sale price: $800 million.
Update: Dairy Farmers has been considering a possible share market float or asset sale, but has yet to commence a formal sales process.
Herald Resources
Perth-based miner that owns Daili lead and zinc project in Indonesia.
Bankers: Euroz Securities
Likely sale price: $505 million.
Potential bidders: Indonesia's PT Bumi, and consortium of Indonesia's PT Antam and China's Shenzhen Zhongjin.
Update: On Jan 30, Antam and Zhongjin announce $2.50 a share offer, trumping Bumi's $2.25 a share offer.
MFS
Brisbane-based financial services and property group looking to sell Stella.
Banker: Grant Samuel, 333 Capital.
Likely sale price: $500 million.
Possible bidders: CVC Asia Pacific, other buyers.
Update: City Pacific made a $833 million scrip offer for MFS financial services unit which it scrapped after MFS announced a de-merger of its Stella property group and a $550 million equity raising, which caused a sharp slump in its share price. MFS now seeking bids for part or all of Stella.
Midwest Corp
Perth-based iron ore producer is courting offers after an unwanted approach from Murchison Metals.
Banker: Morgan Stanley.
Lawyers: Hardy Bowen.
Likely sale price: $1.2 billion.
Possible bidders: Murchison Metals, Chinese steel market Sinosteel.
Update: Sinosteel has accumulated an 18.7 per cent stake by January 29 and said it had no intentions of making a unsolicited offer.
NSW Electricity assets
Electricity retailers and power generators to be sold or leased.
Bankers: Credit Suisse and Lazard Carnegie Wylie.
Legal: Baker McKenzie and Gilbert & Tobin.
Potential bidders: TruEnergy, Singapore Power/SP Ausnet, AGL Energy, Babcock & Brown/BBI, Origin Energy, Macquarie Group, superannuation funds.
Update: The NSW Government announced advisors in late December, with Morgan Stanley surprisingly missing out on a key mandate.
SkyCity Entertainment Group
Auckland-based casino operator is seeking offers.
Possible sale price: $NZ2.4 billion ($1.8 billion)
Bankers: NZ First Capital and Credit Suisse.
Potential bidders: Private equity firms such as CVC Asia Pacific, TPG and Apollo Funds Management.
Update: SkyCity said on December 20 it had no further update on its earlier advice that it had received a "letter” from a potential bidder, believed to be TPG, which appears to be waiting to secure financing.
SP Telemedia
Sydney-based telecommunications company 46% owned by Washington H. Soul Pattinson
Banker: Pitt Capital Partners.
Likely sale price: $200 million.
Possible bidders: Optus, other telecommunications companies.
Update: A strategic review has been underway since August. On Dec 6, it rejected reports that it had opened a data room, but noted consolidation in the industry was inevitable.
Virgin Blue
Brisbane-based airline owned 62.4 per cent by Toll Holdings.
Possible sale price: Current market value is $1.5 billion.
Banker: Goldman Sachs JBWere.
Stage: Toll has been informally canvassing interest but is yet to decide on a formal auction process.
Potential bidders: Private equity firms such as TPG, trade buyers, specialist funds.
Latest update: Press reports early January suggested the deadline for a review of the holding could be delayed until February, despite Toll CEO Paul Little reporting "significant” interest in the stake late last year.
Warehouse Group
Auckland-based retail group 52% owned by founder Steve Tindall.
Possible sale price: $1.9 billion.
Banker: Caliburn Partnership (for Tindall)
Potential bidders: Woolworths, Foodstuffs, and possibly Pacific Equity Partners in partnership with Tindall.
Latest update: NZ Commerce Commission has decided to appeal a High Court ruling allowing Woolworths and Foodstuffs to make bids. Appeal to be heard late January.
Bankers: First NZ Capital, Credit Suisse.
Potential bidders: Canada Pension Plan, Macquarie Airports, Hastings Funds Management.
Likely sale price: $4.4 billion.
Update: Auckland has rejected a partial offer from Canada Pension Plan and said on December 21 that it had opened a data room to another unidentified international bidder.
Australian Agricultural Company
Brisbane-based rural group effectively up for sale after Futuris said it would seek buyers for its 43% stake.
Bankers: Caliburn and Citi for Futuris, JP Morgan for AACo.
Potential bidders: Macquarie Pastoral, Temasek, other sovereign wealth funds, consortia of private investors, institutions.
Likely sale price: $300 million for Futuris stake.
Update: In December, AACo announced an upgrade of its asset valuation by $180 million, or 49c a share.
Borders Group
US-based Borders Group Inc's seeking offers for bookstore chain in Australian and New Zealand.
Possible sale price: $70 million.
Banker: KPMG Corporate Finance.
Stage: Regulatory approvals being sought.
Potential bidders: Pacific Equity Partners and Dymocks Group of Companies.
Update: PEP, owner of A&R Whitcoull's Angus & Robertson chain, has sought regulatory approval for a purchase.
Carter Holt Harvey
The Auckland based company owned by Graeme Hart's Rank Group is selling its building supplies business.
Possible sale price: $1.9 billion.
Banker: Credit Suisse, First NZ Capital
Potential bidders: Boral, Fletcher Challenge, CVC, Blackstone.
Update: Boral said on November 21 it was seeking anti-trust approval to make an offer. Market talk in December that CVC and Blackstone still to finalise funding.
Centro Property Group
The Melbourne-based property group is seeking buyers for assets after negotiating a standstill agreement with its financiers.
Banker: Lazard Carnegie Wylie
Legal: Freehills
Potential bidders: Westfield, Stockland, Mirvac, other property investors.
Likely sale price: Up to $25 billion of property assets potentially for sale.
Update: Data room for offers for Centro itself or its interest in two property funds opened on January 29.
Dairy Farmers
NSW-based milk co-operative
Bankers: Goldman Sachs JBWere.
Potential bidders: Fonterra, National Foods, Goodman Fielders.
Likely sale price: $800 million.
Update: Dairy Farmers has been considering a possible share market float or asset sale, but has yet to commence a formal sales process.
Herald Resources
Perth-based miner that owns Daili lead and zinc project in Indonesia.
Bankers: Euroz Securities
Likely sale price: $505 million.
Potential bidders: Indonesia's PT Bumi, and consortium of Indonesia's PT Antam and China's Shenzhen Zhongjin.
Update: On Jan 30, Antam and Zhongjin announce $2.50 a share offer, trumping Bumi's $2.25 a share offer.
MFS
Brisbane-based financial services and property group looking to sell Stella.
Banker: Grant Samuel, 333 Capital.
Likely sale price: $500 million.
Possible bidders: CVC Asia Pacific, other buyers.
Update: City Pacific made a $833 million scrip offer for MFS financial services unit which it scrapped after MFS announced a de-merger of its Stella property group and a $550 million equity raising, which caused a sharp slump in its share price. MFS now seeking bids for part or all of Stella.
Midwest Corp
Perth-based iron ore producer is courting offers after an unwanted approach from Murchison Metals.
Banker: Morgan Stanley.
Lawyers: Hardy Bowen.
Likely sale price: $1.2 billion.
Possible bidders: Murchison Metals, Chinese steel market Sinosteel.
Update: Sinosteel has accumulated an 18.7 per cent stake by January 29 and said it had no intentions of making a unsolicited offer.
NSW Electricity assets
Electricity retailers and power generators to be sold or leased.
Bankers: Credit Suisse and Lazard Carnegie Wylie.
Legal: Baker McKenzie and Gilbert & Tobin.
Potential bidders: TruEnergy, Singapore Power/SP Ausnet, AGL Energy, Babcock & Brown/BBI, Origin Energy, Macquarie Group, superannuation funds.
Update: The NSW Government announced advisors in late December, with Morgan Stanley surprisingly missing out on a key mandate.
SkyCity Entertainment Group
Auckland-based casino operator is seeking offers.
Possible sale price: $NZ2.4 billion ($1.8 billion)
Bankers: NZ First Capital and Credit Suisse.
Potential bidders: Private equity firms such as CVC Asia Pacific, TPG and Apollo Funds Management.
Update: SkyCity said on December 20 it had no further update on its earlier advice that it had received a "letter” from a potential bidder, believed to be TPG, which appears to be waiting to secure financing.
SP Telemedia
Sydney-based telecommunications company 46% owned by Washington H. Soul Pattinson
Banker: Pitt Capital Partners.
Likely sale price: $200 million.
Possible bidders: Optus, other telecommunications companies.
Update: A strategic review has been underway since August. On Dec 6, it rejected reports that it had opened a data room, but noted consolidation in the industry was inevitable.
Virgin Blue
Brisbane-based airline owned 62.4 per cent by Toll Holdings.
Possible sale price: Current market value is $1.5 billion.
Banker: Goldman Sachs JBWere.
Stage: Toll has been informally canvassing interest but is yet to decide on a formal auction process.
Potential bidders: Private equity firms such as TPG, trade buyers, specialist funds.
Latest update: Press reports early January suggested the deadline for a review of the holding could be delayed until February, despite Toll CEO Paul Little reporting "significant” interest in the stake late last year.
Warehouse Group
Auckland-based retail group 52% owned by founder Steve Tindall.
Possible sale price: $1.9 billion.
Banker: Caliburn Partnership (for Tindall)
Potential bidders: Woolworths, Foodstuffs, and possibly Pacific Equity Partners in partnership with Tindall.
Latest update: NZ Commerce Commission has decided to appeal a High Court ruling allowing Woolworths and Foodstuffs to make bids. Appeal to be heard late January.
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