Deals

Andrew Forrest-chaired Fortescue Metals Group has taken a surprise 19.9 per cent stake in Atlas Iron, and says it will block the $280 million takeover proposed by diversified mining services business Mineral Resources.

Avita Medical has tapped investors for $16 million as the company prepares to launch its spray-on burns treatment, which was co-developed by medical entrepreneur Fiona Wood.

Global Construction Services has moved to full ownership of its fast-growing east coast subsidiary, Gallery Facades, through a scrip deal worth up to $11.3 million.

Western Australia’s largest health insurer HBF and east coast counterpart HCF have ended discussions regarding a planned merger but neither has clearly explained the reasons.

Perth-based engineering firm Primero Group has appointed company director Mark Connelly as chairman and broking firm Cannacord Genuity as lead manager as its finalises plans for an initial public offering.

ASX-listed CTI Logistics has agreed to purchase regional freight company Stirling Freight Express for $4.5 million.

The board of China-focused Sino Gas & Energy Holdings has backed a takeover offer from US private equity group Lone Star, which values the gas producer at $530 million.

Cash Converters International has boosted its coffers with a $39.5 million capital raising, with the proceeds set to strengthen the company’s balance sheet and be used to reduce debt.

Two junior explorers have announced capital raisings today, with aspiring gold miner KIN Mining tapping investors for $11.3 million while Nzuri Copper has raised $6 million.

Norway-focused Koppar Resources has begun trading positively on its debut on the ASX today, after the company raised $4.5 million via an initial public offering.

Shares in Galileo Mining, which is backed by Mark Creasy and Chris Ellison, have closed up strongly on their first day of trading after the company raised $15 million via an initial public offering.

Shares in Galaxy Resources have surged after the lithium miner announced a $US280 million ($A371 million) asset sale deal with South Korean giant Posco.

Two local gold miners have announced equity investments in junior explorers today, with Resolute Mining investing $22.5 million in Canadian company Orca Gold while Westgold Resources has taken a 15 per cent stake in Musgrave Minerals.

Independence Group has agreed to sell its Jaguar base metals operation near Leonora for $73.2 million to diversified investment company Washington H. Soul Pattinson and Company.

Chinese-owned mining company Perilya will take a 20 per cent stake in Myanmar Metals as part of a planned capital raising worth up to $35 million to fund its share of the Bawdwin base metals project.

Wesfarmers has sold its struggling Homebase business for a nominal sum, with managing director Rob Scott confirming the UK hardware company has cost the conglomerate about $1.3 billion.

BGC Australia director Sam Buckeridge announced this afternoon that the sprawling property and construction empire built by his late father Len Buckeridge is being prepared for sale.

Specialist glass company ClearVue Technologies will commence trading on the ASX tomorrow after raising $5 million via an initial public offering.

Sydney-based investor Rob Nichols has teamed up with Singapore-based investment fund GIC to buy the assets of Perth company National Lifestyle Villages following a review led by Sirona Capital director Kelvin Flynn, who has run NLV since October last year.

Commonwealth Bank has agreed to sell its stake in Chinese life insurer BoComm Life for $668 million.

De Grey Mining has raised $6 million, with ASX-listed DGO Gold investing $5 million in the placement, to expand exploration work at the company’s Pilbara gold project.

Titan Minerals has announced an $11 million capital raising to fund the purchase of a processing plant and exploration work at its Torrecillas and San Santiago projects in Peru.

Shares in the Ian Middlemas-led Paringa Resources fell sharply today after the company completed a $30.2 million capital raising at a heavily discounted price of 22 cents per share, with the proceeds to fund construction of its Poplar Grove coal mine located in the US.

US private equity firm Harbour Energy has raised its bid for Santos to about $US10.9 billion ($A14.5 billion) on condition the local energy firm increases its oil price hedging for the next two years.

West Perth-based Antipa Minerals has announced a capital raising of $3.3 million, and is planning an entitlement offer for an additional $4.3 million, with the funds to be spent on exploration work at the company’s projects in the Paterson region of Western Australia.

US private equity firm Harbour Energy has made a binding offer for Santos that confirms an original price tag of $US10.4 billion ($A13.8 billion).

David Flanagan-led Battery Minerals has boosted its coffers with a $20 million capital raising to fund construction of its Montepuez graphite project in Mozambique.

Tungsten Mining has announced a $47 million capital raising to progress studies at its Mt Mulgine project in the Murchison region in Western Australia.

Melbourne-based P2P Transport has announced plans to acquire Black & White Cabs, which has operations in Western Australia, in a cash and scrip deal worth $8.1 million.

The board of Tap Oil has recommended shareholders reject a $29.8 million takeover from major shareholder Risco Energy Investments, saying the proposal is opportunistic and undervalues the company.

Australia's second-largest private hospitals operator, Healthscope, has received a $4.35 billion takeover offer from a Canada based firm.

Iron ore-focused NSL Consolidated has tapped investors for $10 million to fund an expansion of its Kurnool wet beneficiation plant in India.