Seven Group nears 50 per cent of Boral
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The Seven Group has acquired almost 50 per cent of building materials group Boral after more investors snapped up its offer, raising the chances its $8.8 billion takeover bid will be extended beyond Thursday.
Kerry Stokes’ conglomerate, which had secured a 48.41 per cent interest in Boral by Wednesday morning, is due to close its offer at 7pm on Thursday.
Seven Group CEO Ryan Stokes has secured almost 50 per cent of Boral’s shares.
Janie Barrett
But if it gets at least 50 per cent of Boral before the deadline, the offer will be automatically extended for two weeks.
Old fox Stokes tightens grip on Boral
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Crown (ASX:CWN) share price lifts on acquisition rejection
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ASX closes in on pre-Covid high; BHP, Rio drive market gains
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Sarah Turner
The spectre of rising inflation put a match to the bond market on Monday and pounded ASX traded real estate and utilities stocks, as Brent crude oil recovered almost all of its ground lost during the pandemic and US inflation expectations hit a seven-year high.
Bond market gauges of inflation pressures – or break-even rates – jumped as Australia’s 10-year break-even rate climbed to 1.927 per cent, the highest since November 2018, and US 10-year break-evens touched 2.2 per cent, last hit in May 2014.
The Australian government 10-year bond yield rose to 1.265 per cent, its highest since March 2020. In a session of strong gains for the S&P/ASX 200 Index, which hit an 11-month high, Dexus Group was down 1.5 per cent to $8.76 and Sydney Airport down 2 per cent at $5.79.