BREAKFAST DEALS: CSR shotgun

CSR considers piggybacking on Rio Tinto's aluminium sale, while hedge funds dig in over the battle for Nine.

It’s taken Rio Tinto a long time to get to the point where it can correct its most infamous mistake – acquiring Alcan to defend itself against BHP Billiton. Now that it’s offloading its less desirable aluminium assets, it appears CSR isn’t going to miss out on an opportunity to assess whether to sell its stake in the Tomago smelter – up to $500 million could be on offer. Meanwhile, things are getting a bit nasty between Nine Entertainment’s private equity owners CVC Asia Pacific and the hedge funds circling for a piece of equity. Elsewhere, Insurance Australia Group has turned recent rumours on their head with the purchase of New Zealand’s second-largest general insurer, AMI; Bendigo and Adelaide Bank is expected to increase its capital raising after big-time enthusiasm from the institutions; and Bow Energy shareholders will vote on the Arrow Energy takeover this week with nothing but green lights from the authorities.

CSR, Rio Tinto

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