Stanmore buys Mitsui’s stake in QLD coal venture, IDP Education appoints new CEO and Santos purchases pipeline route

Stanmore Resources (ASX: SMR) has announced it will buy Mitsui & Co’s remaining 20% stake in BHP Mitsui Coal (now renamed Stanmore SMC) the company’s joint venture with BHP Group (ASX: BHP), for an estimated $380 million.

The Australia-based resources company plans to fund the purchase through internal resources, which comes after it agreed on 3 May 2022 to buy BHP’s 80% stake in the venture for $1.35 billion.

Stanmore chief executive officer Marcelo Matos said the purchase will position the company to be a leading metallurgical coal miner in Central Queensland’s Bowen Basin.

“Following the previous acquisition of the majority interest in SMC from BHP, this transaction allows Stanmore to consolidate its position as a leading metallurgical coal miner in the Bowen Basin,” he said.

“Having 100% control of South Walker Creek and Poitrel, as well as Wards Well and other projects, allows Stanmore to maximise value amongst our assets in the region.”

The transaction is expected to close in the fourth quarter of 2022.

Santos

Energy giant Santos (ASX: STO) has announced it has acquired Hunter Gas Pipeline in an effort to send gas from Queensland to Australia’s southern states to help aid expected shortfalls in coming years.

The company has received planning approval for a pipeline from the Wallumbilla Gas Hub in southern Queensland to Newcastle through Narrabri.

Its pipeline route passes nearby Santos’ controversial Narrabri coal seam gas project in New South Wales, where appraisal drilling is expected this year before being granted the go-ahead.

Santos midstream and clean fuels president Brett Woods said the company anticipates construction of the pipeline to commence in 2024.

“Acquiring the Hunter Gas Pipeline route is an important step for the Narrabri project,” Mr Woods said.

The Narrabri project will inject new supply into southern domestic markets and put downward pressure on gas prices, he added.

Santos believe the Narrabri project could supply more than half of NSW’s gas demand.

A2 Milk

As A2 Milk (ASX: A2M) looked set to capitalise on a shortage of infant formula in the United States, the US Food and Drug Administration (FDA) has deferred its request to import its formula into the country.

Brands such as Nestle, Danone and Bubs Australia (ASX: BUB) and Bellamy’s Organic previously had products approved for sale in the US; however, it is believed the FDA is now deferring all pending applications.

Despite the news, A2 Milk chief executive officer David Bortolussi said the shortage isn’t over and the company remains optimistic it can still follow in the footsteps of Bubs and Bellamy’s.

“Feedback from our US team on the ground is that the infant milk formula crisis has not been solved, with significant retail out-of-stock issues continuing across the country,” he said.

A2 Milk was one of 160 companies that applied to aid the US’ infant formula shortage, hoping to join its Australian rivals.

Woolworths

Supermarket giant Woolworths Group (ASX: WOW) has received the tick of approval from the Australian Competition & Consumer Commission (ACCC) in its effort to acquire MyDeal (ASX: MYD).

MyDeal operates its MyDeal platform, which provides customers with products from a range of retailers.

Woolworths has an estimated 176 physical Big W stores in Australia, and operates the Big W and Everyday Market from Woolworths online businesses.

The ACCC started the review on 14 June 2022.

ACCC commissioner Liza Carver said the acquisition is unlikely to significantly impact competitors.

“Following our review and feedback from market participants, we do not consider that Everyday Market from Woolworths is a significant competitor to MyDeal or other online marketplaces and consequently, this acquisition is unlikely to substantially lessen competition,” she said.

IDP Education

IDP Education (ASX: IEL) has announced Adore Beauty Group’s (ASX: ABY) outgoing chief executive officer Tennealle O’Shannessy will become the company’s new chief executive officer and managing director.

The announcement follows an extensive global search in which Ms O’Shannessy was recognised as “a powerful leader in global education with a track record of building successful digital businesses with a customer-centric approach”.

Ms O’Shannessy will stay at Adore Beauty for the next six months to offer support for a smooth transition, before replacing the outgoing Andrew Barkla, who has been IDP Education’s chief executive officer since 2015.

IDP Education chairman Peter Polson said Ms O’Shannessy is the right person to “accelerate IDP’s vision and strategy” going forward.

“Tennealle’s experience and leadership within the global education, digital platforms and e- commerce sectors resonated with IDP’s Board,” he said.

“Tennealle is the right person to build on our successful strategy and empower our global teams to help more people achieve their lifelong learning and career goals.”