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 December 21 that it had opened the data room to another unidentified international bidder.
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.
Bankers: Credit Suisse, First NZ Capital
Stage: Next round of bids due early December.
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
Bankers: 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: Centro announced January 2 that it would seek expressions of interest for a "whole of group” review, equity injections, recapitalisations or the sale of its Australian or US funds.
Herald Resources
Perth-based miner that owns Dairi lead and zinc project in Indonesia.
Bankers: Euroz Securities
Likely sale price: $450 million.
Potential bidders: PT Bumi, other resource companies.
Update: Herald said it had received approaches from "other parties” for a possible counter-bid to Bumi's $2.25 a share offer.
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: Midwest said December 7 that Sinosteel had made an indicative offer of $A5.60 a share, potentially trumping the stock offer from Murchison. By December 20, the two parties had yet to agree on terms to open the data room.
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.
Stage: Final bids to be considered at board meeting in early December.
Potential bidders: Private equity firms such as CVC Asia Pacific, TPG and Apollo Funds Management.
Update: SkyCity said December 20 that 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 per cent 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 December 6, it rejected reports that it had opened a data room, but noted consolidation in the industry was inevitable.
Tenix
Defence contractor owned by Salteri family, based in Melbourne.
Possible sale price: More than $1 billion.
Banker: UBS.
Lawyer: Gilbert & Tobin.
Stage: Bidders are currently receiving presentations from Tenix senior management. Final offers will likely be called before year end.
Potential bidders: BAE Systems, Raytheon, General Dynamics Corp, Leighton Holdings Ltd, United Group Ltd.
Update: Press reports suggest United and Leighton may have withdrawn from process.
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 per cent owned by founder Steve Tindall.
Possible sale price: $1.9 billion.
Banker: Caliburn Partnership (for Tindall)
Potential bidders: Woolworths, Foodstuffs, and possible Pacific Equity Partners in partnership with Tindall.
Latest update: NZ Commerce Commission decides to appeal 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 December 21 that it had opened the data room to another unidentified international bidder.
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.
Bankers: Credit Suisse, First NZ Capital
Stage: Next round of bids due early December.
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
Bankers: 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: Centro announced January 2 that it would seek expressions of interest for a "whole of group” review, equity injections, recapitalisations or the sale of its Australian or US funds.
Herald Resources
Perth-based miner that owns Dairi lead and zinc project in Indonesia.
Bankers: Euroz Securities
Likely sale price: $450 million.
Potential bidders: PT Bumi, other resource companies.
Update: Herald said it had received approaches from "other parties” for a possible counter-bid to Bumi's $2.25 a share offer.
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: Midwest said December 7 that Sinosteel had made an indicative offer of $A5.60 a share, potentially trumping the stock offer from Murchison. By December 20, the two parties had yet to agree on terms to open the data room.
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.
Stage: Final bids to be considered at board meeting in early December.
Potential bidders: Private equity firms such as CVC Asia Pacific, TPG and Apollo Funds Management.
Update: SkyCity said December 20 that 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 per cent 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 December 6, it rejected reports that it had opened a data room, but noted consolidation in the industry was inevitable.
Tenix
Defence contractor owned by Salteri family, based in Melbourne.
Possible sale price: More than $1 billion.
Banker: UBS.
Lawyer: Gilbert & Tobin.
Stage: Bidders are currently receiving presentations from Tenix senior management. Final offers will likely be called before year end.
Potential bidders: BAE Systems, Raytheon, General Dynamics Corp, Leighton Holdings Ltd, United Group Ltd.
Update: Press reports suggest United and Leighton may have withdrawn from process.
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 per cent owned by founder Steve Tindall.
Possible sale price: $1.9 billion.
Banker: Caliburn Partnership (for Tindall)
Potential bidders: Woolworths, Foodstuffs, and possible Pacific Equity Partners in partnership with Tindall.
Latest update: NZ Commerce Commission decides to appeal High Court ruling allowing Woolworths and Foodstuffs to make bids. Appeal to be heard late January.
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