☕️ Banking On It

Good morning.

The Australian Competition Tribunal is due to announce its decision on ANZ’s proposed $4.9 billion takeover of SunCorp Bank at 9:00am tomorrow morning. With the ACCC pushing to block what would be the biggest banking merger in a decade over competition concerns, and ANZ desperate to add SunCorp’s 1.5 million customers to its books, the decision remains too close to call.

After two weeks of hearings in December left spectators with more questions than answers, the one certain outcome will be the significant consequences for banking and insurance that will emanate whichever way the decision goes.

🏆 LOI Subscriber #TBD

Market movers

Shares in Neuren Pharmaceuticals plunged over 14% on Friday to $19.78 before pausing trading, after US activist shortseller Culper Research published damaging materials about the company. Culper’s report revealed that it holds a short position on the pharma company, and that Neuren’s US-based partner Acadia Pharmaceuticals misrepresented the safety profile of one of its drugs (brand-name Daybue), which was launched in the US in April last year.

The quick sync

• Crypto enforcement cases are testing the limits of Australia’s existing rules to govern digital assets. (Capital Brief)

• The EU will fine Apple around €500m for allegedly breaking EU law over access to its music streaming services. (Financial Times)

• What the departure of Canva’s CFO says about the company’s culture. (Capital Brief)

• Macquarie has teamed up with another shareholder to sell a combined £1.3 billion stake in Cadent, the largest gas network in the UK, as it prepares for the renewable energy transition. (Financial Times)

• Palantir is extending its government and private sector footprint in Australia. (Capital Brief)

• The Australian Energy Council, a body representing the energy industry, has pushed back against a government proposal to seek temporary extensions for power station closures, arguing it would disincentivise renewable energy investment. (The Australian)

• Why the Coalition will take a sensible tax reform package to the next election. (Capital Brief)

• Lunar New Year travel and spending in China exceeded pre-pandemic levels this year. (Bloomberg)

Trading floor

M&A

• Whitehaven Coal nears sale of Blackwater mine stake to Japanese and Indian buyers. (The Australian)

• UBS readies Loscam for an auction block return. (AFR)

• ANZ remains committed to its pursuit of Suncorp Bank, ahead of the ACT’s decision on Tuesday. (AFR)

• Discussions on mining deals persist despite the nickel price decline; Patriot Battery Metals is a prime target. (The Australian)

• Tyro Payments settles with Kounta, awarded $10m in damages. (BNA)

• Senex Energy eyes Incitec Pivot's fertiliser business with Morgan Stanley backup. (AFR)

• Big week for banking: Westpac, Bendigo & Adelaide Bank results and ANZ's Suncorp acquisition decision. (The Australian)

• CVC Capital Partners courts APM acquisition with Macquarie Capital collaboration. (AFR)

• Mad Paws celebrates strong FY24 first half as Seven West Media acquires a 10.8% stake. (BNA)

• Quadrant delays Affinity Education sale; Guardian Early Learning's timeline uncertain. (The Australian)

Capital Markets

• None

VC

• Marqo has closed a $19.14m Series A funding round led by Lightspeed. (Marqo)

People moves

• Grok Academy has appointed Martha McKeen as its new chief strategy officer. (Startup Daily)

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The watercooler