Lynas Corp.: Auf Chinas Einkaufszettel! Übernahme
| eröffnet am: | 16.09.09 09:13 von: | brunneta |
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24.09.09 18:40
#52
brunneta
Majority control or bust:
why the Lynas deal fell over
Chinese lenders may be known for providing debt at what Westerners would deem uncommercial rates, but it seems that when it comes to security over assets, they often take a stricter stance.
One of the key reasons that China Nonferrous Metal Mining's (CNMC) bid to buy 51 per cent of rare earths miner Lynas fell over was its unwillingness to cut the proposed ownership to below 50 per cent.
Insider hears that majority control was a crucial condition of CNMC's financing package. Perilya's Chinese investor Zhongjin secured majority control of the Broken Hill zinc miner earlier this year despite the Government's preference for 49 per cent stakes. That was key to Zhongjin because it allowed it to consolidate Perilya in its accounts.
But at the time, Perilya was on the brink of administration with hundreds of jobs in Broken Hill at stake.
Perilya, with help from Zhongjin, has since obtained low-interest loans from the Bank of China's Sydney branch.
Industrial and Commercial Bank of China yesterday said it was also looking to lend to Australian miners. At least those with ''Chinese strategic partners''.
Fortescue Metals already has a Chinese partner in Hunan Valin, but it has yet to finalise a $US6 billion ($6.86 billion) debt package with Chinese lenders before a supposed September 30 deadline.
It seems very little work has been done in recent weeks and, despite months of talks, the lenders have yet to even start due diligence.
Returning to Lynas, the well-publicised FIRB issues and delays are likely to prove a blessing in disguise.
Lynas has raised its profile exponentially in recent weeks and its shares last traded at 90c, compared with the proposed 36c price of the placement to CNMC.
It is now well placed for a more conventional financing package for the $300 million or more need to complete its project, which may include a sizeable equity raising.
ROAD SHOWMyer, which is planning to release some long-awaited details on its float when its prospectus is filed on Monday, is not the only Australian department store embarking on a global roadshow in coming weeks.
The David Jones boss Mark McInnes and finance director Stephen Goddard will soon head to New York and Edinburgh for JP Morgan's annual Australian showcase, and they are expecting plenty of questions about his soon-to-be-public rival.
Notably, McInnes definitely didn't ignore what he called ''the elephant in the room'' yesterday.
In his presentation to investors, McInnes laid out plenty of comparisons between the stores.
A few of the claims about trading in their respective Melbourne city stores and their relative sales performance in Doncaster are understood to have made the Myer folks grumpy.
However, they have created so much hype around the Myer float that it is only natural for a consummate salesman like McInnes to portray his company in the best possible light.
The real disappointment yesterday - one that sent DJs shares down 3.9 per cent - was the lack of a profit upgrade. There were conspiracy theories that McInnes deliberately kept the forecast low to make potential investors in Myer think twice before piling into a high-priced float of that business.
But DJs has been notoriously conservative with its guidance and has a well-trodden reputation for underpromising and overdelivering - so much so, that much of the market has calculated it into its forecasts.
McInnes won't rule out a profit upgrade, but he understandably wants to ensure Christmas trading is strong before making a final call.
TATTS CONFIDENTTatts Group's confidence that it will emerge the winner of the NSW Lotteries sales process does not appear misplaced once the numbers have been crunched. The Merrill Lynch analyst Nathan Gee agrees Tatts is in pole position to make the $500 million purchase, despite competition from Tabcorp, Intralot and others.
Tatts existing lottery footprint in Victoria, Queensland, Tasmania and the Northern Territory would offer it an advantage over other bidders in terms of cost savings.
Gee estimates that of the $70 million a year of controllable costs associated with running the business, Tatts could strip out $30 million while the others would save $10 million to $15 million. However, those cuts are likely to take time because existing employees have been guaranteed three years of job protection if they choose to move to the private sector after the sale.
UBS STILL ON TOPThere were only eight days between updates to the Dealogic investment banking league tables, but the recent spate of raisings by the likes of AWB, Valad Property Group and Primary Healthcare means there has already been movement at the top of the fee-take ladder.
While UBS remained the dominant player in core investment banking revenue, with $241 million so far this year, or a 17.6 per cent share, Deutsche Bank overtook Macquarie Capital for the number two slot, with $168 million. Macquarie was a very close third with $167 million.
However, those figures did not include the sell-down of CanWest's $680 million stake in Ten Network which Macquarie snared yesterday, so those rankings are likely to be very short lived.
http://www.theage.com.au/business/...eal-fell-over-20090924-g4qj.html
Chinese lenders may be known for providing debt at what Westerners would deem uncommercial rates, but it seems that when it comes to security over assets, they often take a stricter stance.
One of the key reasons that China Nonferrous Metal Mining's (CNMC) bid to buy 51 per cent of rare earths miner Lynas fell over was its unwillingness to cut the proposed ownership to below 50 per cent.
Insider hears that majority control was a crucial condition of CNMC's financing package. Perilya's Chinese investor Zhongjin secured majority control of the Broken Hill zinc miner earlier this year despite the Government's preference for 49 per cent stakes. That was key to Zhongjin because it allowed it to consolidate Perilya in its accounts.
But at the time, Perilya was on the brink of administration with hundreds of jobs in Broken Hill at stake.
Perilya, with help from Zhongjin, has since obtained low-interest loans from the Bank of China's Sydney branch.
Industrial and Commercial Bank of China yesterday said it was also looking to lend to Australian miners. At least those with ''Chinese strategic partners''.
Fortescue Metals already has a Chinese partner in Hunan Valin, but it has yet to finalise a $US6 billion ($6.86 billion) debt package with Chinese lenders before a supposed September 30 deadline.
It seems very little work has been done in recent weeks and, despite months of talks, the lenders have yet to even start due diligence.
Returning to Lynas, the well-publicised FIRB issues and delays are likely to prove a blessing in disguise.
Lynas has raised its profile exponentially in recent weeks and its shares last traded at 90c, compared with the proposed 36c price of the placement to CNMC.
It is now well placed for a more conventional financing package for the $300 million or more need to complete its project, which may include a sizeable equity raising.
ROAD SHOWMyer, which is planning to release some long-awaited details on its float when its prospectus is filed on Monday, is not the only Australian department store embarking on a global roadshow in coming weeks.
The David Jones boss Mark McInnes and finance director Stephen Goddard will soon head to New York and Edinburgh for JP Morgan's annual Australian showcase, and they are expecting plenty of questions about his soon-to-be-public rival.
Notably, McInnes definitely didn't ignore what he called ''the elephant in the room'' yesterday.
In his presentation to investors, McInnes laid out plenty of comparisons between the stores.
A few of the claims about trading in their respective Melbourne city stores and their relative sales performance in Doncaster are understood to have made the Myer folks grumpy.
However, they have created so much hype around the Myer float that it is only natural for a consummate salesman like McInnes to portray his company in the best possible light.
The real disappointment yesterday - one that sent DJs shares down 3.9 per cent - was the lack of a profit upgrade. There were conspiracy theories that McInnes deliberately kept the forecast low to make potential investors in Myer think twice before piling into a high-priced float of that business.
But DJs has been notoriously conservative with its guidance and has a well-trodden reputation for underpromising and overdelivering - so much so, that much of the market has calculated it into its forecasts.
McInnes won't rule out a profit upgrade, but he understandably wants to ensure Christmas trading is strong before making a final call.
TATTS CONFIDENTTatts Group's confidence that it will emerge the winner of the NSW Lotteries sales process does not appear misplaced once the numbers have been crunched. The Merrill Lynch analyst Nathan Gee agrees Tatts is in pole position to make the $500 million purchase, despite competition from Tabcorp, Intralot and others.
Tatts existing lottery footprint in Victoria, Queensland, Tasmania and the Northern Territory would offer it an advantage over other bidders in terms of cost savings.
Gee estimates that of the $70 million a year of controllable costs associated with running the business, Tatts could strip out $30 million while the others would save $10 million to $15 million. However, those cuts are likely to take time because existing employees have been guaranteed three years of job protection if they choose to move to the private sector after the sale.
UBS STILL ON TOPThere were only eight days between updates to the Dealogic investment banking league tables, but the recent spate of raisings by the likes of AWB, Valad Property Group and Primary Healthcare means there has already been movement at the top of the fee-take ladder.
While UBS remained the dominant player in core investment banking revenue, with $241 million so far this year, or a 17.6 per cent share, Deutsche Bank overtook Macquarie Capital for the number two slot, with $168 million. Macquarie was a very close third with $167 million.
However, those figures did not include the sell-down of CanWest's $680 million stake in Ten Network which Macquarie snared yesterday, so those rankings are likely to be very short lived.
http://www.theage.com.au/business/...eal-fell-over-20090924-g4qj.html
24.09.09 19:31
#54
ARTNER514
da kann man ja angst bekommen!
24.09.09 0,865 0,865 0,61 0,625 2.410.055
23.09.09 0,81 0,91 0,81 0,88 478.511
ps.:fischgrät wie gehts weiter
hast ne ahnung??
lg
23.09.09 0,81 0,91 0,81 0,88 478.511
ps.:fischgrät wie gehts weiter
hast ne ahnung??
lg
24.09.09 19:51
#55
Fischgrät
ne wissen
tu ich natürlich auch nix, aber ich würd erst mal abwarten, was die Australier daraus machen. OTC ist ja immer so eine Sache für sich. Ausserdem ist ja auch die Frage, ob der Deal entgültig gescheitert ist. Ich werde meine Aktien auf gar keinen Fall zu diesem Preis verkaufen. Das ist die erste Überteibung und das gibt sich auch schnell wieder. Kann auch ne Strategie sein den Preis erst mal zu drücken. Buy on bad news würd ich sagen. Ruhe bewahren. Lynas hat die grössten Vorkommen weltweit und irgendwer wird die schon heben.
24.09.09 23:10
#58
ARTNER514
glaube ich auch
lynas wird schon jemanden in der hinterhand haben !
ps.:wird heute lynas in australien gehandelt??
danke
lg
ps.:wird heute lynas in australien gehandelt??
danke
lg
25.09.09 06:53
#60
Fischgrät
Guten morgen
heute ist offensichtlich noch kein Handel in Australien. OTC hat mit minus 25 % gechlossen. Na mal sehen, ich denk da kommt noch was.
25.09.09 08:06
#61
Fischgrät
Ich seh grad
dass arafura heut auch mit ca 7 % Abschlag gehandelt wird. Die Werte sind halt sowieso sehr volatil. China rare earth ist gestern nasdaq otc mit einem Abschlag von ca. 5 % aus dem Handel gegangen, in Hong Kong heute morgen plus ca 5 %. Great Western Mining scheint ist stabil.
25.09.09 12:30
#62
ARTNER514
neuer bericht rohstoffe go!
http://www.rohstoffe-go.de/metalle/...Erden_in_den_Fokus_ID82139.html
25.09.09 12:47
#63
Fischgrät
ja und noch
was komisches.Ich kuck grad in mein Depot da notiert Lynas per 24.09.2009 mit 1,11 AUD Sydney, vorgestern waren es noch 0,90 AUD. Der Handel ist aber auch in Sydney soweit ich feststellen kann, ausgesetzt. Kuckt mal in eure Depots,ob das auch so ist.
25.09.09 13:00
#65
Fischgrät
Vielleicht ne
Taxe. Na klingt jedenfalls gut, dass wären ca. 0,66 €. Also abwarten, dieses OTC Gemuschel sollte man nicht so ernst nehmen.
25.09.09 13:09
#66
ARTNER514
ja ist wirklich sehr komisch
habe soeben probeweise versucht zu verkaufen
anzeige nur über bank möglich!
bei zukauf sydney und otc kein problem!
es wird alles gut!!
lg
anzeige nur über bank möglich!
bei zukauf sydney und otc kein problem!
es wird alles gut!!
lg
25.09.09 13:13
#67
Fischgrät
Alles ist gut !
Also in Sydney sind die Nachrichten ja wohl am ehesten bekannt und einzuschätzen, wenn die Aktien gestern mit 1,11 AUD getaxt wurden, dann kann s bei Eröffnung des Handels nur höher gehen. Scheint ja auch noch nicht das letzte Wort gesprochen zu sein, sonst würde ja wieder gehandelt.
25.09.09 13:36
#68
brunneta
China Nonferrous Metal Gives Up Acquiring Lynas
Lynas Corporation yesterday announced that China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (NFC; SZSE: 000758) had terminated a plan to acquire its majority stake, due to the rigor requirements of the Foreign Investment Review Board (FIRB).
In May, NFC said that it would buy into 7 million new shares issued by Lynas for AUD 0.36 apiece or AUD 252 million totally, representing USD 185.7 million. As a result, the Chinese nonferrous metal manufacturer will get a 51.66% stake in the Australian rare earth miner and have the right to assign four directors to the latter's board.
Since then, the Australian government has demanded NFC to resubmit amended acquisition proposals for several times. The FIRB has not made a decision to approve or veto the transaction till September 3.
Analysts point out that the Australian regulator is afraid of the monopoly of rare earth production by China. If the latter limits rare earth exports, Australia will suffer from shortages of rare earth resources.
http://research.scottrade.com/public/markets/news/...y=100-268u4138-1
In May, NFC said that it would buy into 7 million new shares issued by Lynas for AUD 0.36 apiece or AUD 252 million totally, representing USD 185.7 million. As a result, the Chinese nonferrous metal manufacturer will get a 51.66% stake in the Australian rare earth miner and have the right to assign four directors to the latter's board.
Since then, the Australian government has demanded NFC to resubmit amended acquisition proposals for several times. The FIRB has not made a decision to approve or veto the transaction till September 3.
Analysts point out that the Australian regulator is afraid of the monopoly of rare earth production by China. If the latter limits rare earth exports, Australia will suffer from shortages of rare earth resources.
http://research.scottrade.com/public/markets/news/...y=100-268u4138-1
25.09.09 13:51
#70
Fischgrät
Klar
die Australier brauchen Geld, die Chinesen müssen ihre Dollarreserven vernünftig unterbringen, weil der Dollar immer weniger Wert wird, ausserdem haben die Chinesen einen riesegen Bedarf an seltene Erden für ihre Byd Hybridautos und Batterien. Und der kurs würde jetzt auch nicht bei 1,11 AUD stehen, wenn es da keine Lösung gäbe. Der OTC Handel ist doch komplett manipuliert und soll invesierte dazu bewegen billig Aktien wegzuschmeissen, oder wenn OTC die Kurse hochgezogen werden, teuer zu kaufen. Ich gehe davon aus, dass die Aktie bei Wiedereröffnung des Handels über 1,11 AUD notiert.
26.09.09 18:21
#71
Dahinterschauer
Lynas stop war Folge einer konzertierten Aktion
Nachdem im US-Senat eine Untersuchung in Auftrag gegeben worden ist, inwieweit die Verteidigung leiden könnte, wenn China (kontrolliert Seltene Erden z. Zt. zu 99%) eine Ausfuhr aussetzen und nur noch Fertigprodukte zur Ausfuhr zulassen würde, hat sich auch das Verteidigungsministerium in Australien eingeschaltet. Daraufhin hat die australische Regierung eine Beteiligung der Chinesen über 52 % an Lynas verboten. Man will Beteiligungen nur noch bis unter 50 % bei kleinen Minen und unter 15 % bei großen Minen zulassen.
Der Aktienhandel von Lynas wurde daraufhin für 5 Tage ausgesetzt und Lynas will jetzt klären, ob inzwischen wieder Finanzierungsmöglichkeiten bestehen oder aber sich eine andere chinesische Firma zu den gewünschten Bedingungen anbietet.
Zu dem Thema hört man von der US-Konkurrenz Great Western Minerals Group, die man noch im April auf Finanzierungswünsche beschieden hätte:"nicht 10 Cent für Minen": Wir erhalten inzwischen fast wöchentlich ungefragt Finanzierungsofferten , ob auf Regierungsdruck hin oder nicht, vermögen wir nicht zu sagen"
Der Aktienhandel von Lynas wurde daraufhin für 5 Tage ausgesetzt und Lynas will jetzt klären, ob inzwischen wieder Finanzierungsmöglichkeiten bestehen oder aber sich eine andere chinesische Firma zu den gewünschten Bedingungen anbietet.
Zu dem Thema hört man von der US-Konkurrenz Great Western Minerals Group, die man noch im April auf Finanzierungswünsche beschieden hätte:"nicht 10 Cent für Minen": Wir erhalten inzwischen fast wöchentlich ungefragt Finanzierungsofferten , ob auf Regierungsdruck hin oder nicht, vermögen wir nicht zu sagen"
28.09.09 08:29
#72
ARTNER514
:::
http://www.bloomberg.com/apps/news?.....1081&sid=aG_Zz7iJOS0…
Rare-earth producer Lynas Corp. may also seek funding after Australia’s government blocked China Non-Ferrous Metal Mining (Group) Co. from buying a stake, the newspaper said, also in the Street Talk section. A major U.S. investment bank will handle the Lynas equity raising, the Review reported, without saying where it got the information.
Rare-earth producer Lynas Corp. may also seek funding after Australia’s government blocked China Non-Ferrous Metal Mining (Group) Co. from buying a stake, the newspaper said, also in the Street Talk section. A major U.S. investment bank will handle the Lynas equity raising, the Review reported, without saying where it got the information.