Oxiana and zinifex Merge News – up 14% from last closing price


Oxiana website  – http://oxiana.com.au/

Zinifex website – http://zinifex.com.au/

Zinifex shareholders will receive 3.19 Oxiana shares for each share held by them. The offer values Zinifex shares at A$12.68 each, up 14% from last closing price

Australian miner Oxiana Ltd. has agreed to purchase rival Zinifex Ltd. for A $6.2bn (US$5.8bn) in an all-stock deal, forming a A$12bn miner and the world’s second-largest producer of zinc.

Under the agreement, Zinifex shareholders will receive 3.19 Oxiana shares for each share held by them, the two Melbourne-based companies said in a statement today. The offer values Zinifex shares at A$12.68 each, 14% more than the last closing price.


Aussie stocks lower; Just Group advances

55 minutes ago, source: REUTERS

SYDNEY, March 4 (Reuters) – Australian shares fell 0.5 percent on Tuesday, adding to steep falls in the previous three sessions, as credit concerns and a widely expected rise in domestic interest rates weighed down on financial firms.

Aussie stocks extend losses as banks fall

1 hour and 43 minutes ago, source: REUTERS

SYDNEY, March 4 (Reuters) – Australian shares fell 0.7 percent on Tuesday, adding to steep falls posted in the previous three sessions, as lingering credit concerns and a widely expected hike in domestic rates pressured financial firms.

Oxiana, which is trading at 19 times estimated earnings, fell 10 cents, or 2.5%, to A$3.87 on the Australian Stock Exchange at 2:05 p.m. Sydney time. Zinifex, which trades at 11 times earnings, rose 96 cents, or 8.6%, to A$12.09.

Oxiana and Zinifex shareholders will own 50% each.

Zinifex CEO Andrew Michelmore will head the merged entity.

Oxiana will more than double sales, boost zinc output fivefold and gain lead and silver projects in Australia and Canada, adding to copper and gold output. Zinifex brings A$2.2bn of cash to fund new projects and acquisitions.

The combined Oxiana and Zinifex, would have had A$2.8bn in revenue and net profit of A$918mn in 2007, the companies told the Australian Stock Exchange. The combination will have A$2.5bn in cash, with Zinifex contributing A$2.2bn after selling its stake in smelting unit Nyrstar NV.

“Both the companies believe in strong growth continuing for the minerals we produce,” Michelmore, 55, said in a teleconference. “There is no hesitation in saying let’s put the two companies together.”

Oxiana Chairman Barry Cusack will retain his position in the combined company. Oxiana’s CEO Owen Hegarty, 59 will become a director.

Oxiana owns the Sepon gold and copper mine in Laos, the Golden Grove zinc, copper and gold mine in Western Australia and is spending A$1.1bn developing its Prominent Hill copper and gold project in South Australia.


Aussie stocks firmer; banks, resources gain

2 hours and 24 minutes ago, source: REUTERS

SYDNEY, March 4 (Reuters) – Australian shares rose 0.6 percent on Tuesday, as financials recovered from steep losses posted in the previous three session, and as commodity firms gained on record high oil and strong metal prices.



Jucy to take its vans into Australia

Tim Alpe’s campervan business now has 1700 vehicles in New Zealand and may list on the sharemarket. Photo / Richard Robinson

The Alpe family’s car and camper rental firm Jucy Rentals is about to expand in Australia after six years of building up the business in New Zealand.

Main shareholder Chris Alpe was the founder of Maui Campervans and a director of New Zealand’s largest listed tourism operator Tourism Holdings until 2001, when he left the business to set up Jucy with his sons Tim and Dan.

Initially, the firm had a five-year restraint of trade agreement with Tourism Holdings, which meant it could not sell direct to the public.

But the agreement was lifted early, allowing the firm to expand faster than it expected.

CEO Tim Alpe said the company now had 1700 vehicles in New Zealand and had decided the time was right to expand the campervan side of the business into Australia.




Financial News

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Dollar Falls For Sixth Day Against Yen on Concerns U.S. Economy Weakening The dollar fell for a sixth day against the yen and traded close to a record low against the euro on speculation the Federal Reserve will cut interest rates to avoid a recession.

Russia Cuts Gas Exports to Ukraine After Failure to Resolve Debt Dispute OAO Gazprom, Russia’s state-run natural-gas export monopoly, cut natural-gas shipments to Ukraine after failing to resolve a debt dispute, raising concern European supplies may be disrupted.

Trichet Resistance to Rate Cuts Empowered by Rising Eastern European Trade Europe’s expanding economy is helping buy Jean-Claude Trichet time to overcome the region’s worst bout of inflation in a decade.

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Commodity market report

Platinum hits record, gold near all-time high

23 minutes ago, source: REUTERS

SINGAPORE, March 4 (Reuters) – Platinum struck another record high above $2,200 an ounce, catching up with gold as a weaker dollar and persistent supply problems in South Africa ignited speculative buying.

Currency market report

Aussie regains ground ahead of rate verdict

2 hours and 57 minutes ago, source: REUTERS

SYDNEY, March 4 (Reuters) – The Australian dollar regained some lost ground on Tuesday to trade just above 94 U.S.


Market sector news

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