News Articles for KKR

Commonwealth Bank is setting aside $1.5 billion for potential defaults on account of COVID-19-related shutdowns and will sell a majority stake in its Colonial First State wealth management unit, as it braces for an economic slowdown and falls in house prices.

Coles is offloading management of its 87 pubs, including four in Western Australia, in a $200 million deal with private equity controlled Australian Venue Co.

The creditors of sandalwood company Quintis, led by US group Blackrock, have proposed injecting $175 million to take control of the business, in a deal that is likely to leave shareholders with no return.

The directors of Quintis have shed light on two restructuring proposals they had been trying to finalise, after announcing on Sunday they had placed the sandalwood producer in administration because of its inability to make a $37 million payment due in two weeks.

The private investors in sandalwood business Santanol Group, led by Tony Jack and Bob Bunning, have gained backing from litigation funder IMF Bentham for their fight against private equity group KKR.

Investors have dumped shares in Vocus after Australia's fourth-biggest telco ended a $2.2 billion bidding war for the company, saying the two suitors were unable to support the buy on the board's terms.

Bis Industries, one of the major transport players in Western Australia, will come under new ownership after a $1 billion debt-for-equity swap deal was struck with its major lenders.

Vocus Communications has received a $3.3 billion takeover proposal from US private equity firm Kohlberg Kravis Roberts.

Woolworths has declined to comment on a media report that it is a takeover target for private equity giant Kohlberg Kravis Roberts.

Precast concrete manufacturer PERMAcast has recruited former Bis Industries boss Chris Berkefeld as its new chairman, following the retirement of founding director Grey Egerton-Warburton.

Transport and logistics business McAleese Group has flagged an impairment of up to $55 million in its half-year accounts, while remaining quiet on speculation of a recapitalisation plan.

The recent travails of VW and Glencore provide a stark reminder of the limits of globalisation.

The development of the Ord River region in the state's far north will be significantly affected by the tender process for 5,000 hectares of land released by the state government last week.

The sharks are circling Woolworths, but the size of the business would require suitors to make a significant investment – in cash and time.

Private equity funds are turning into long-term owners of some major WA businesses, after being unable to complete their planned exits.

Twenty years after Wesfarmers bought Bunnings in a contentious takeover, we reflect on the family that started one of Australia's biggest retail successes.

Shares in accounting firm Crowe Horwath surged on the news it had finalised an acquisition proposal from Financial Index Wealth Accountants for about $137 million, following five months of negotiations.

Accounting firm Crowe Horwath has entered into exclusive takeover talks with a partnership between wealth management group Financial Index Wealth Accountants and private equity firm KKR Asset Management, snubbing rival bidder Anchorage Capital Partners.

SPECIAL REPORT: The past 12 months have been tough for WA's corporate finance professionals, but there is cautious optimism that 2014 will be a different story.