☕ AG... L

Good morning. A lot of news out there about Credit Suisse overnight, including... its biggest loss since 2008, rumours it's paying annual bonuses in instalments, announcing it bought a boutique US advisory shop for US$175m and is said to have earmarked US$380m in special bonuses if they successfully pull off their restructure.

Good morning. A lot of news out there about Credit Suisse overnight, including... its biggest loss since 2008, rumours it's paying annual bonuses in instalments, announcing it bought a boutique US advisory shop for US$175m and is said to have earmarked US$380m in special bonuses if they successfully pull off their restructure.

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: Mike Cannon-Brookes favourite energy company AGL copped a chunky selloff after downgrading guidance.

The company's 1H23 results were a major AGL with profit about half consensus, and their interim dividend was similarly half of what it paid out last year. AGL did confirm it plans to accelerate the closure of Loy Yang A by a decade.

TRADING FLOOR

M&A:

  • Hancock Energy believed to be behind a line of Chalice Mining shares crossed this week. (AFR)

  • GenesisCare has sold its 6% stake in Clarity Pharmaceuticals to help raise cash. (AFR)

  • Songtradr is buying 7digital Group for $33.7m. (AFR)

  • PE and potential strategic suitors are keeping a close eye on Reliance Worldwide. (AFR)

  • Alludo calls out Potentia’s ‘tactic designed to disrupt’ Nitro takeover. (BNA)

  • Humanforce has acquired the Australian arm of fintech Wagestream. (StartupDaily)

  • APA could be looking at Spark Infrastructure’s renewable business. (The Australian)

  • Newmont may look to offload assets in Newcrest gold merger bid. (The Australian)

  • Foxtel is a ‘good fit’ for Nine under streaming rationalisation. (The Australian)

Capital Markets:

  • Nev Power backs Moneghetti Minerals’ $5m IPO. (AFR)

  • Goldman, UBS, Barrenjoey have emerged as lead contenders to manage Virgin Australia’s proposed IPO. (AFR)

  • LVX Global has picked up $4m in a pre-IPO round structured as convertible note. (AFR)

  • JPMorgan crossed a $337m parcel of Whitehaven Coal shares; GQG Partners the most likely seller. (AFR | The Australian)

VC:

  • Fable Food Co, meat alternative startup, has secured a $12.2m Series A raise. (SmartCompany)

Other:

  • The Carlyle Group’s Michael Britton is headed to Wesfarmers. (AFR)

  • Westpac stitches up two debt deals. (AFR)

THE QUICK SYNC

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THE WATERCOOLER

THE TRADE

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