BUSINESS BRIEFS

MINING

MINING

Macmahon up

Shares in Macmahon Holdings rose sharply on news it had won a $1.8 billion contract with Fortescue Metals. The five-year deal, the largest won by Macmahon, involves the contractor providing open-cut mining services as part of the expansion of Fortescue's Christmas Creek iron ore mine in the Pilbara.

DRILLSEARCH

Acer taken over

Drillsearch has taken effective control of its takeover target Acer Energy by appointing its own board members. Several major shareholders have accepted Drillsearch's 28.5? per share offer, lifting its interest in Acer to 41.5 per cent.

ASIC

Protests drop

The corporate regulator received 20 per cent fewer complaints about misconduct last financial year. The Australian Securities and Investments Commission's annual report said the number of complaints in 2011-12, at 12,516, was the lowest in several years.

WHEAT EXPORTS

Changes sought

The Greens will support moves by the federal government to abolish Wheat Exports Australia and fully deregulate the export grain market. But they said they had concerns with legislation before Parliament and wanted amendments made.

HEALTHCARE FUND

$55m raised

Octa Phillip Bioscience Managers has raised $55 million for its second fund, the Asia Pacific Healthcare Fund II, from IOOF and the Meat Industry Employees Superannuation Fund. The chief investment officer, Matt McNamara, said he hoped to raise an additional $100 million in a year.

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