Dulux rejects claim
DuluxGroup has rejected Alesco Corporation's claim that it does not have support from the takeover target's shareholders to secure its $188 million bid. Dulux yesterday extended the cut-off for Alesco shareholders to accept its offer for a second time, to August 3. It also waived several conditions attached to the offer. Alesco closed 2? lower at $1.97, up nearly 42 per cent this year. Dulux was 1? higher at $3.04.
ANZ holds rates
ANZ has opted to keep its home loan rates on hold after the Reserve Bank decision not to cut the cash rate this month. ANZ said yesterday its standard variable interest home loan would remain at 6.8 per cent and its small business loans steady. ANZ chief executive Australia Philip Chronican said the decision was made despite the higher funding costs. He said as ANZ needed to remain competitive, it chose to keep rates on hold.
The long-running takeover for pipeline owner and operator Hastings Diversified is moving into the final straight, with independent directors of the target recommending a friendly takeover from a party associated with the company. The recommendation comes before the final decision from the competition watchdog, the ACCC, of a competing bid from APA Group Holdings, which is due next week. Independent directors of Hastings Diversified yesterday accepted a $1.2 billion bid from Pipeline Partners Australia.