chessplayer (ID#: 410527) Mellon Bank, DST, Lloyd's TSB Capita IRG 13/6/02 11:21:52 AM 5267597 « Previous Message Next Message »
http://www.smh.com.au/articles/2002/06/13/1023864303379.html -------------------------------------------------------------------- Computershare outruns big buyerJune 13 2002 -------------------------------------------------------------------- The takeover rumour mill went into overdrive before UBS got into gear. -------------------------------------------------------------------- There's at least one Computershare fan out there, it seems. -------------------------------------------------------------------- Yesterday UBS Warburg was trawling the market for an unidentified client, seeking somewhere between 27 million and 45 million shares in the share registry business, equivalent to a 4.8 per cent to 8.1 per cent holding. -------------------------------------------------------------------- Apparently UBS was putting around the word that its client was of the non-corporate type, more interested in a big pay-off from a long-term investment. -------------------------------------------------------------------- The market, however, seemed to have its own ideas. Computershare stock jumped 20c to $2.25, well clear of the $2.15 that UBS was offering. The shares have dropped by more than half since the start of the year after a sharp slowdown in business left investors a little disappointed with the company's earnings. -------------------------------------------------------------------- A few conspiracy theorists were of the view there might be others involved. After all, the words "Computershare" and "takeover" have found their way into the same sentence a few times recently. -------------------------------------------------------------------- That's despite CEO Chris Morris's recently assuring staff he wasn't expecting a hostile bid any time soon. Mellon Bank, DST, Lloyd's TSB and Capita IRG have all been mentioned as possible suitors. -------------------------------------------------------------------- IAG rating cut -------------------------------------------------------------------- All this uncertainty in the world means reinsurance premiums just keep rising and equity markets remain choppy. With that going on, it's hard to find many people really positive about the Australian insurance sector. -------------------------------------------------------------------- Credit Suisse First Boston added to its fairly pessimistic view on AMP and AXA by cutting its rating on Insurance Australia Group (formerly NRMA Insurance) from a "buy" to a "hold" and reducing its earnings forecasts slightly because of poor global equity markets. Still, the broker's share price target of $3.56 is above the general insurer's 4c close to $3.26. -------------------------------------------------------------------- Meanwhile AMP's attempts to woo the market will move to a new level next week, with presentations to analysts and investors on June 21 to clarify its strategy. But does the sudden interest in educating the market suggest something more substantial is afoot? One interesting but unconfirmed whisper is that chairman Stan Wallis is also catching up for a fireside chat with a few of AMP's big investors, leading to the inevitably scurrilous conclusion that he is testing their views (unlike last time) on what would represent an acceptable takeover price. You couldn't tell by looking at the share price though. -------------------------------------------------------------------- Macquarie ideas -------------------------------------------------------------------- Is Macquarie Office Trust on the hunt for another property? -------------------------------------------------------------------- Suggestions swirling around the property world have the acquisitive Simon Jones taking a close look at an office tower at 175 Eagle Street, Brisbane, with a view to adding it to his growing portfolio. -------------------------------------------------------------------- The site is worth about $100 million and would expand the trust's presence in the northern area of the eastern seaboard. It has a property in Darwin, but has yet to enter the Brisbane market. -------------------------------------------------------------------- Analysts welcomed the scuttlebutt, saying the trust must keep expanding to add to its asset base, which has become formidable since its $215 million acquisition of a half share in the office tower and hotel at 1 Martin Place and 50 per cent of 2 Park Street. -------------------------------------------------------------------- Edited by Mark Todd --------------------------------------------------------------------
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