BREAKFAST DEALS: Billabong saviour

A US major appears to have stepped up with an offer for Billabong, while Westfield frees up some cash.

While rough waves make the global economy a dangerous place for some to swim, private equity is using the surf to its advantage. First Pacific Brands fell amid cautious consumer sentiment and a high Australian dollar, now Billabong International has reportedly received an approach from US private equity player TPG Capital. Meanwhile, Westfield Group has really impressed the market with its Canadian pension fund joint venture and asset sales. Elsewhere, Macquarie Group is said to be sniffing at another purchase (a big one), African Iron looks set to fall to South Africa’s Exxaro at a better price, OZ Minerals is reassuringly looking for big buys in 2012 and Foxtel is responding to the consumer watchdog’s Austar concerns.

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