☕️ Epic Trial

Good morning.

The trial hasn’t even begun and the knives are out.

Apple, Google and Epic Games will descend on Melbourne’s Federal Court to commence their blockbuster 16-week competition law trial this morning, and the barbs have already started flying. While the four hearings which include class action claims from consumers and developers against the tech giants, are separate cases, Judge Jonathan Beach will hear them together.

Comments set out by Apple and Google's respective legal counsel in their defence documents seen by Capital Brief, show the tech giants refer to Epic Games’ allegations as "vague and embarrassing." Epic Games has accused both companies of "supra-competitive" conduct.

🏆 LOI Subscriber #TBD

Market movers

Shares in Liontown Resources tumbled over 8% to close at $1.25 on Friday after posting a $31 million net loss for the half, up from a net loss of $6.9 million a year earlier. The battery minerals producer pointed to falling lithium prices, the costs of its Kathleen Valley project and its failed takeover by Albemarle as key pressures on its bottom line. On Wednesday last week, Liontown announced it had entered into a $550 million debt facility, designed to ensure its Kathleen Valley lithium project is funded through first production and to repay its Ford facility. Jarden analysts then downgraded the company to ‘underweight’ from ‘neutral’.

The quick sync

• GQG Partners launches GQG Private Capital Solutions, acquiring interests in Avante, Proterra, and Cordillera from Pacific Current Group for $108.56m. (Capital Brief)

• BHP has stood down around 25% of contractors building its $1.7b West Musgrave nickel and copper project in Western Australia. (AFR)

• Dubber has secured a $5m bridging finance facility from Thorney Investment Group, led by billionaire Alex Waislitz. (Capital Brief)

• Uber set to pay out $272m to taxi drivers in the fifth-largest class action settlement in Australian legal history. (AFR)

• Michelle McGuinness says government powers to take control of businesses after damaging hacks would “likely” never be used but are still needed. (Capital Brief)

M&A

• Several shareholders, including Cooper Investors, sell their Boral positions amid Seven Group's bid, accounting for over 8% turnover in recent days. (AFR)

• Speculation grows over separation of Endeavour Group’s pubs business from liquor operation, with BGH Capital possibly reviving interest. (The Australian)

• Ridley was the underbidder in the Staughton raw pet food sale process. (AFR)

• Iress has agreed to sell its UK Mortgages arm to private equity firm Bain Capital for $164.3m. (BNA)

• Boral target statement is set to reveal property valuations. (The Australian)

• Jarden's wealth merger sets the stage for potential bonuses amid improved performance. (The Australian)

• La Trobe Financial plans an Asian roadshow to evaluate potential partnerships and acquisition opportunities. (AFR)

• Brookfield’s Healthscope begins lender negotiations for restructure. (AFR)

• EML Payments has agreed to sell its European Sentenial business to London-headquartered GoCardless for €32.75m ($54.1m). (BNA)

• Critics shift focus to Tabcorp's performance post-rejection of Entain's offer. (The Australian)

Capital Markets

• Sovereign Cloud Holdings is preparing to raise $25m to counter headwinds. (AFR)

• Mighty Kingdom has commenced a $6.2m capital raising initiative after discussions with a consortium of prominent Australian gaming executives. (BNA)

VC

• Bazaa has secured $650,000 in pre-seed funding from angel investors and syndicates. (Startup Daily)

• FLK it Over, a proptech startup, has secured $2.5m in funding. (Startup Daily)

People moves

• Michael Rosengren is expected to step down as CEO of Taurus Funds Management's Foxleigh coal mine. (AFR)

The watercooler