☕ Suisse deal

Good morning. Like Keisha's top hit, Credit Suisse looks to be going down with its rival and nemesis UBS agreeing to acquire them for $2bn.

Good morning. Like Keisha's top hit, Credit Suisse looks to be going down with its rival, UBS, agreeing to acquire them for $2bn.

That's well below the $7bn market cap it closed on Friday and far from the $33bn it was worth last year. The SVB-like deterioration in confidence saw CS hemorrhage deposits as customers reportedly withdrew $10bn a day last week.

TBD where things sit for the 400 or so staff members based in Australia.

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MARKET MOVERS

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

Market news: Two years after receiving the first of about 15 different takeover offers, Link has finally closed on one of the offers — selling off its BCM division for about $48m.

It's one of the smallest divisions of the business, and the offer came in about $30m under an earlier failed attempt for the division — but as a non-core business marks a win for Link as it looks to streamline its ops.

THE QUICK SYNC

  • Why Rio Tinto’s massive Mongolia mine needs China and Russia. (SMH)

  • SVB fallout:

    • An extremely online crisis: How Silicon Valley Bank unravelled. (SMH)

    • ‘Lazy’ start-ups schooled on managing cash after SVB collapse. (AFR)

  • It's unclear if central banks can contain the international banking crisis, analysts warn. (ABC)

  • Greensill’s administrator files four more court claims against insurer IAG. (Australian)

  • UK backs Rolls-Royce project to build a nuclear reactor on the moon. (CNBC)

TRADING FLOOR

M&A:

  • Tyro briefed its retail investors but gave little update on the Potentia bid. (The Australian)

    • Tyro board fronted retail investors saying it can't control the share price. (AFR)

    • Potentia is sitting back and waiting for Tyro while the markets wobble. (AFR)

  • Goldman Sachs is looking to offload a bunch of balance sheet positions in residential property development loans. (AFR)

  • RBC kicks off the sale of the 55.45% stake in EastLink. (AFR)

  • UBS is in discussions to take over all or part of Credit Suisse. (AFR)

    • CS’s local bankers are in the dark as the Swiss team talks to regulators and to UBS about a mooted tie-up. (AFR)

    • CS will have a tough job of convincing its staff to stay ahead of its IB demerger. (The Australian)

  • Propel Funeral Partners says further acquisitions are on the cards but only at the right price. (AFR)

  • Loscam is preparing to restart a sale process for its operations after Easter. (The Australian)

  • Five parties are understood to have been short-listed to buy Spark Infrastructure’s renewable energy business. (The Australian)

Capital Markets:

  • None

VC:

  • Quasar Satellite Technologies, a space communications startup building ground station services to replace parabolic dishes has raised $6m in pre-Series A. (StartupDaily)

Others:

  • Robert Bates has been ousted from wellness start-up Aurum+, which he co-founded with Charles Akle (AFR)

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THE WATERCOOLER

THE TRADE

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