Mineral Resources prepares Norwest Energy takeover bid, APM Human Services acquires Everyday Independence and Westpac settles class action
Mineral Resources has offered $403m for the remaining stake in Norwest Energy.
Mining giant Mineral Resources (ASX: MIN) has revealed plans to make an off-market bid for the remaining stake in oil explorer Norwest Energy (ASX: NWE), adding to its existing 19.9% stake in the company.
The deal will be worth around $403 million, at an offer price of $0.06 per share which represents a 33.3% premium to Norwest’s last closing price on Thursday.
Mineral Resources managing director Chris Ellison said acquiring Norwest “is a logical and accretive addition to unlocking the potential of its portfolio of gas assets”.
“The significant conventional gas discovery we made at Lockyer Deep last year, which we believe may be the largest onshore gas find in Australia, is driving us to develop and commercialise this high-quality energy source as quickly as possible,” he said.
Mineral Resources aims to formally open the offer for acceptance by Norwest shareholders in early January 2023.
APM Human Services
APM Human Services (ASX: APM) has announced it will acquire leading provider of National Disability Insurance Agency (NDIS) therapy services in Australia, Everyday Independence, in a deal worth $52.5 million plus add-ons.
Established in 1997, Everyday Independence offers evidence-based therapies to children and adults in an effort to overcome certain barriers enabling them to live a full and happy life.
The Perth-based company has more than 450 therapists operating across 30 locations, providing services to more than 10,000 participants in Queensland, Victoria, New South Wales, South Australia, Tasmania, and Western Australia.
APM’s acquisition will increase its reach to NDIS participants across all ages and enable it to become the market-leading national provider of allied health services across the lifespan from infancy to ageing.
APM Group chief executive officer Michael Anghie said the acquisition will help the company better accommodate people of all ages and abilities across the nation.
“The acquisition of Everyday Independence is aligned with our strategy to continue to expand our business in the key growth sector of Disability Services and complements APM’s existing allied health business and overarching growth objectives,” he said.
Pilbara Minerals
Pilbara Minerals (ASX: PLS) has sold another $120 million worth of spodumene concentrate on its Battery Metals Exchange (BMX) platform, in what marks the lithium miner’s 12th BMX auction.
The giant will ship two cargoes worth of the concentrate from Port Hedland in Western Australia, totalling 10,000 dry metric tonnes.
Although the customer’s identity was not revealed, Pilbara Minerals confirmed it expects the cargo to be delivered from late January 2023.
Pilbara Minerals secured an average price of US$7,552 (A$11,000) per dry metric tonne for the concentrate on an SC5.5 basis, equating to US$8,299 (A$12,100) per try metric tonne, CIF to China, on a SC6 basis.
The latest price is lower than the company’s last sale on the BMX platform, selling the concentrate for US$8,575 per dry metric tonne on an SC6 basis back in November, from its Pilgangoora operations in Western Australia.
Westpac
Westpac (ASX: WBC) and law firm Slater and Gordon (ASX: SGH) have reached a $29.95 million settlement in a class action fighting two of the bank’s subsidiaries which allegedly short-changed members between 2007 and 2019.
As a result of the settlement, tens of thousands of Australians could now receive compensation from actions caused by subsidiaries BT Funds Management and Westpac Life Insurance Services.
Slater and Gordon found members who invested in the BT Super for Life cash-only option received lower returns because the company invested their funds through Westpac Life, allowing Westpac Life to earn fees without providing a valuable service.
The law firm claimed Westpac Life was aware of the interest rates it would pass onto members, however at times kept around half of the returns on members’ money for itself.
Slater and Gordon special counsel Nathan Rapoport said the bank’s actions, in this case, showed it prioritised profits over customer welfare.
“Superannuation members trust their funds with their retirement savings and place their faith in them to protect their future. We are pleased this settlement means that group members will be getting millions of dollars of compensation,” he said.
Woolworths
Woolworths (ASX: WOW) has announced it has raised $636 million by means of selling its stake in alcohol retailer Endeavour Group (ASX: EDV) amid rumours of acquiring a majority stake in pet retailer PETstock.
Woolworths sold 98.5 million Endeavour shares at $6.46 each, but the grocery store chain vowed to retain a 9.1% in the Dan Murphy’s and BWS operator, down from its original 14.6% stake.
As PETstock rumours circulated, the giant said the funds will be used for “strategic investments and general corporate purposes”.
On Thursday, Woolworths confirmed the rumours to be true, announcing it will acquire a 55% equity interest in leading Australian and New Zealand speciality pet food Petspiration Group for $586 million.
Petspiration owns and operates leading retail brand PETstock, with more than 276 stores across the country.
The nation’s largest grocer has been prioritising the pet industry in recent times, trying to cash in on a continuing pet ownership rise and owners’ willingness to spend big on their pets.