BREAKFAST DEALS: ANZ's bargain hunt

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ANZ boss Mike Smith has reinforced that the group is eyeing European and American bank assets in Asia.

ANZ Banking Group, AMP, Royal Bank of Scotland

ANZ Banking Group chief Mike Smith has seemingly poured cold water on the prospect of making a bid for wealth manager AMP, saying Asia remains the bank's focus in terms of acquisitions. Distressed asset sales look to be the focus, with Smith talking down the prospect of a bid for the Royal Bank of Scotland's Chinese or Indian assets, telling the Australian Financial Review that "right across Pan-Asia there's no doubt there'll be a number of opportunities from European and American banks.” ANZ – which this weekend inked a letter of intent to set up a branch in Chonging, China – will release its results on Friday, the last of the big four to do so. Meanwhile, the Melbourne-based bank seems to have rediscovered its appetite for home lending, with newly appointed retail banking chief Phil Chronican flagging a more "flexible” approach and an easing of last year's "pretty conservative” risk settings. Chronican, formerly of Westpac Banking Group, also told the Herald Sun the bank expects to boost small-business lending by up to 10 per cent and hopes to achieve double-digit growth in deposits.

Seven Network, Kerry Stokes, David Leckie

There's plenty of media news about, and not just meetings between politicians and media proprietors. The AFR has tipped Kerry Stokes will announce a restructure of Seven Network today, in which he owns a 49 per cent stake. While a privatisation is not likely on the cards, a hybrid securities buyback could be, says the paper, with Goldman Sachs JBWere and JPMorgan behind any changes. Meawhile, Seven television chief David Leckie has told the AFR he might try to buy a newspaper or radio station after his contract with the network expires, perhaps with private equity backing.

Foster's

Punished for last decade's multi-billion-dollar acquisitions, beverages giant Foster's says it has not received any approaches for its wine or beer businesses and is doing what it can to improve its much-maligned plonk operations. Chief Ian Johnston told Inside Business at the weekend that Foster's was working to fortify its core brands, all the while selling off non-core brands and wine assets. On the topic of takeover speculation, Johnston says it can only speculate as to the motivations of people taking substantial positions in the company.

Schlumberger, Smith International

The multi-billion-dollar takeover offers continue overseas, with oil major Schlumberger making a $US11.3 billion bid for Smith International, which once described itself as the Apple of oil services. The long-mooted deal follows consolidation in the oil services industry, with Morgan Stanley tipping the sector's big four – Schlumberger, Halliburton, Weatherford International and Baker Hughes – will control three-quarters of the market post-merger, says the Wall Street Journal.

Wrapping up

While Vodafone Australia and Hutchison Telecommunications make positive noises about their merger, the telco focus is now on when the government will present its Telstra legislation, with debate now set for Thursday. Meanwhile, car radio and mobile phone dealer Strathfield Group – once known for its 'catchy' advertisements – is hopeful its shares will be able to start trading again, with the troubled company expecting to lodge its half-year accounts over the next weeks. "All options are open”, finance director Emil Dimitrov has told the Sydney Morning Herald. Meanwhile, pressure is building on Warrnambool Cheese and Butter to engage with its suitors, following its rejection of a sweetened $4.35 per cent share offer from Murray Goulburn Co-operative. And troubled US shopping mall giant General Growth - whose assets were rumoured to be of interest to Westfield - isn't willing to throw itself to the wolves just yet, with a source telling Reuters it is mulling a capital raising. GPG, which is the subject of a $US10 billion hostile takeover offer by Simon Property Group (which has the backing of sovereign wealth funds and Blackstone Group), has told Simon it has different objectives to its suitor.