Deals

Geraldton company Bhagwan Marine is set to expand its presence in northern Australia after striking an agreement to purchase a fleet of vessels for $25 million; a third of the price the previous owner paid just three years ago.

After plans for a backdoor listing fell through in 2014, former New Tel boss Peter Malone has signed up Patersons Securities as lead manager for a $4 million initial public offering for his sunscreen and cosmetics company Skin Elements.

Shipbuilder Austal has won a $US51.7 million ($A71.8 million) contract to provide upgrade services to the company’s biggest customer, the US Navy.

The competition watchdog is seeking market feedback after a fresh undertaking by Canada's Brookfield Infrastructure in its takeover battle for ports and rail operator Asciano, which includes the divestment of its bulk rail operations in Western Australia.

Shares in Structural Monitoring Systems recorded big gains today after the Claremont-based company announced breakthrough agreements with The Boeing Corporation and the Federal Aviation Administration in the United States.

Telco giant Telstra and national contracting companies Service Stream and BSA have been awarded contracts for the building and maintenance of the national broadband network (NBN).

Perth-based explorer IMX Resources has announced a restructuring of its Tanzanian assets, involving plans to spin-off its graphite portfolio into a new ASX-listed entity, while retaining its base and precious metals portfolio.

Cedar Woods Properties has purchased a 3.8 hectare infill site in Queensland for $24.6 million, while also announcing the extension of a $135 million loan.

Diversified contractor SRG has won a new contract plus an extension to an existing contract to provide its services to several of Evolution Mining’s gold mines, worth a combined $150 million.

Social networking company migme has announced the acquisition of two Indonesia-based companies, while finalising a $3.5 million convertible note issue.

Data and networks solutions business Amcom Telecommunications has won a $12.9 million contract to provide its services to SA Health over a three-year term.

Strathearn Insurance Brokers has become the second big player in the sector to change hands this year, after US-based Arthur J Gallagher acquired the Perth firm for an estimated $60 million.

Gold producer Troy Resources has raised $10 million from investors to fund ongoing work at its Karouni project in Guyana.

Singapore-listed contractor AusGroup has announced a number of contract wins and extensions worth a combined $100 million, including with Woodside Petroleum, which today flagged lower capex and increased production for the year.

Local companies Triton Minerals, General Mining Corporation and Orinoco Gold have announced plans to raise a combined $24.6 million to fund ongoing work at their respective projects.

The consumer watchdog has decided not to approve GPC Asia Pacific’s proposed $43 million acquisition of Automotive Holdings Group’s Covs Parts business on the grounds that it would substantially lessen competition.

Perth-based Tiger Resources has finalised terms of a $US162.5 million ($A225.5 million) finance facility with two investment groups to refinance its debt and fund expansion of its Kipoi copper project.

Tap Oil has flagged a range of cost-cutting strategies while announcing a $6.75 million capital raising to pay back debt, after final terms of a refinancing deal with Macquarie Bank fell through.

Curtin University has become the latest sponsor of Hockey Australia, leveraging the fact that Australia’s globally dominant teams are based at the Bentley campus.

Eden Energy, which is seeking to commericalise its innovative concrete product, is looking to wipe out its debt by completing a $6.1 million capital raising, with its major shareholder committing to over a third of the offer.

VDM Group is expected to seek debt funding from its largest shareholder after a planned $18 million equity capital raising with an unnamed investor fell through.

One of the nation’s leading providers of no-interest loans is preparing to merge with a Western Australian charity in order to remain viable.

Doubleview-based Ausnet Real Estate Services, which is backed by mortgage aggregator Finsure and led by chief executive Paul Niardone, is seeking an ASX listing through a reverse takeover of Namibian Copper, which saw its share price crash by more than 50 per cent after the deal was announced.

Austal has won a $63 million contract to build two patrol boats for the Australian Department of Defence, with the terms of the deal signed with National Australia Bank including a buy-back clause.

A long-running campaign to sell a 50 per cent stake in Exchange Tower is coming to a close, with property syndicator Primewest to pay $113.5 million for half of the CBD skyscraper.

Window blinds manufacturer and retailer Kresta Holdings has been provided with a CNY50 million ($A10.6 million) loan by its Chinese parent company to pay off an existing facility and expand its east coast manufacturing operations.

Perth company directors Ian Middlemas and Domenic Martino have joined a flurry of pre-Christmas M&A deals that are valued at nearly $300 million, and designed to revive moribund resources companies.

Gleneagle Gold will make a second attempt at a reverse takeover with plans to buy a local unlisted medical cannabis company in a deal worth about $8 million.

Parmelia Resources has announced plans for a reverse takeover of a NSW-based software company, while one of the first local companies to complete a backdoor listing has flagged a new acquisition.

Broadspectrum has suggested that Spanish infrastructure giant Ferrovial has undervalued the detention centre operator with its $715 million takeover bid.

Woodside Petroleum has formally abandoned its attempted takeover of rival energy company Oil Search by withdrawing its $11.6 billion bid.

Iluka Resources has terminated its long-running takeover discussions with Ireland-based Kenmare Resources, after being advised that Kenmare’s major shareholder would not support the planned acquisition.