Australia’s Whitehaven Coal agreed a $2.5 billion takeover of Aston Resources and a local coal explorer on Monday, creating the nation’s biggest independent coal miner which could itself become a target for global predators. The tie-up, designed to tap booming Asian coal demand, is the latest in Australia's hottest deal sector and involves one of the country’s most colourful rags-to-riches mining magnates, former electrician Nathan Tinkler.
Goldman banker to retire from Asia post, says memo
The Goldman Sachs banker and co-head of the firm’s Asia investment banking operation for six years is retiring, according to an internal memo obtained on Monday. He is the second senior Asia banker to depart Goldman in the last month. Mark Machin, whose most recent title was Asia-Pacific ex-Japan vice-chairman, is retiring from the firm after 20 years, the memo said. Machin had spent past few years in Beijing, where he was involved with bank’s joint venture Gao Hua Securities.
Time Warner offers $1.3b for ‘Big Brother’ maker
Time Warner made a $1.3 billion all-cash offer for Endemol NV as the Dutch producer of Big Brother TV shows seeks to reach an agreement with lenders over reorganising its debt. The revised bid has the same value as Time Warner’s previous offer, Charles Armitstead, a London-based spokesman for Endemol, said. New York-based Time Warner’s earlier offer of about 1 billion euros included debt, people familiar with the matter said last month.
Olympus ex-CEO to meet MPs, push for Japan reform
The whistleblower in a $1.7 billion accounting scandal at Japan's Olympus Corp, ex-CEO Michael Woodford, plans to meet ruling party lawmakers in Tokyo as he lobbies for reforms to Japanese boardrooms, source said on Monday. Woodford, an Englishman who was sacked as chief executive by the firm’s board two months ago, will arrive on Tuesday on a mission to persuade employees and investors that he is the right person to return to his old job and get the firm back on track.
Boost in Saudi oil output to revive global economy
The International Energy Agency (IEA) said a boost in Saudi oil output would provide relief from the threat that high fuel prices pose to efforts to revive the global economy. The IEA had warned that Brent prices over $100 a barrel are a threat to the global economy. Brent traded above $108 a barrel on Monday and has averaged over $111 for the year.
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