☕ Big weekend

Good morning. Like most of us after a big weekend, the US will technically run its balance down over the weekend and be out of cash on Monday (June 5). But the debt ceiling bill was comfortably waved through the House. Now it’s on the Senate, where the Democrats have a skinny 51-49 margin and need 60 votes for it to pass.

Good morning. Like most of us after a big weekend, the US will technically run its balance down over the weekend and be out of cash on Monday (June 5).

But the debt ceiling bill was comfortably waved through the House. Now it’s on the Senate, where the Democrats have a skinny 51-49 margin and need 60 votes for it to pass.

—

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MARKET MOVERS

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

Market News: Neometals, the battery materials producer, popped after its lithium-ion battery recycling technology delivered some wins in early recycling trials.

The company is banking on being the first company to meet the soon-to-be-imposed battery recycling requirements in the EU.

That’ll require recyclers to recover at least 90% of contained nickel, cobalt, and copper by 2026 (going to 95% in 2030) and 35% for lithium in 2026 (going to 75% in 2030).

THE QUICK SYNC

  • How ‘Succession’ rich is different from ‘Dallas’ rich. (AFR)

  • The leather jacket-wearing CEO making billions off AI. (SMH)

  • BHP wrongly deducted leave from 28,500 staff, worth $430m. (SMH)

  • Former ASIC boss warns of risks from PwC hysteria. (Australian)

  • Debt ceiling deal: US House overwhelmingly passes bill. (BBC)

  • Bill Ackman calls on JPMorgan CEO Dimon to run for US president. (RT)

TRADING FLOOR

M&A:

  • St Barbara will reject Silver Lake’s proposal and shareholders will be voting on a plan to sell the Gwalia mine to Genesis. (AFR)

  • Abertis is confirmed to be Transurban’s biggest competitor for ConnectEast. (AFR)

  • Wesfarmers is confirmed to be working with Allens lawyers in the hope that they can clinch a deal with InstantScripts by July. (AFR)

  • Crescent has mandated Ankura Consulting Australia to find a buyer for its beauty and makeup business, Nude by Nature. (AFR)

  • Spirit Super and CareSuper announced a binding agreement had been struck to merge into a combined entity. (BNA)

  • GenesisCare’s lenders will place the more successful Australian arm of the business up for sale (The Australian)

    • GenesisCare moved to reassure patients that their care would not be disrupted by the restructuring. (The Australian)

  • Ampol is entering the competition to buy $2bn convenience retailer 7-Eleven. (The Australian)

  • Incitec Pivot’s board is believed to be in talks over a demerger of its fertilisers unit, which could see the deal called off. (The Australian)

  • Accounting firm mergers could be a possible by-product of the PwC scandal. (The Australian)

Capital Markets:

  • Noble Helium had Wilsons and MST Financial rounding up institutional investors for a $12m equity raising. (AFR)

VC:

  • Earthodic, a sustainable packaging startup has raised $1.85m in a pre-Seed round co-led by Tenacious Ventures and Investible. (StartupDaily)

Others:

  • Jarden’s director on the institutional equities desk is set to make a return to rival Jefferies. (AFR)

  • Gilbert + Tobin’s senior M&A partner, Neil Pathak has resigned and is believed to have been hired by Ashurst. (AFR)

  • Noetic is speaking to Australian investors to raise $US60m for a mental health fund. (AFR)

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