☕️ U-turn

Good morning.

Elon Musk’s trip to China appears to be almost instantly bearing fruit.

Tesla shares have soared after the automaker received tentative approval to access Chinese mapping data in a partnership with local tech giant Baidu.

The deal marks a major step towards offering full-self driving in China. Shares are up 35% in the last week after a sharp selloff in 2024.

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Market movers

After announcing its strategic review late last year, and floating a possible demerger, Perpetual says it may have found a buyer for its corporate trust and wealth management business.

Revealing it was in exclusive talks with private equity firm KKR, shares in the embattled fund manager jumped on Monday. It added there is “no certainty” of reaching a binding agreement but promised a detailed update next week.

The quick sync

• Why this Australian Bitcoin miner is diversifying into AI (Capital Brief)

• WeWork’s new restructure shuts out Adam Neumann (Financial Times)

• Ben Clark from TMS Capital on Altium, Amazon and the 'holy grail' of investing (Capital Brief)

• The L’Occitane International takeover bid values the cosmetics company at €6 billion (WSJ)

• Australian governments invest $940 million into quantum computing startup PsiQuantum (AFR)

• Paramount CEO Bob Bakish to be replaced by a trio of executives (CNBC)

Trading floor

M&A

• BHP cautioned against overpaying for Anglo American's copper assets after its initial $60bn bid, which caused a 5.2% decline in BHP's shares. (AFR)

• Perpetual is exclusively negotiating with KKR for the sale of its corporate trust and wealth management businesses. (Capital Brief)

• The Riverside Company is in talks to acquire Virtual IT Group, earning $15m yearly. (AFR)

• French commodities firm Louis Dreyfus intends to offer 60¢ per share for Namoi Cotton, with support from its largest shareholder. (AFR)

• Goldman Sachs and Citi initiate major block trade, selling a $1.4bn stake in Worley for former suitor Dar. (The Australian)

• Australian Registry Investments' current investors keep control of NSW Land Registry Services by exercising pre-emptive rights to purchase NatWest Group Pension Fund's 20% stake. (AFR)

• AirTrunk is soliciting non-binding bids from potential buyers, with Macquarie Capital and Goldman Sachs overseeing the process. (AFR)

• TPG and Optus strike a deal for TPG to enhance its regional mobile network coverage by sharing infrastructure and spectrum. (Capital Brief)

• Pact Group, targeted for acquisition by Raphael Geminder, faces supply chain challenges with the collapse of Qenos. (AFR)

• Lendlease plans to transfer unprofitable assets into a separate entity for potential sale pending CEO approval. (The Australian)

Capital Markets

• Zip Co updates indicate it's surpassing expectations, especially in the US market. (AFR)

• Capify has shifted funding from Goldman Sachs to Pollen Street Capital, a move to bolster Australian fintech lending. (AFR)

• Turaco Gold has enlisted Argonaut Securities to raise $16m for its West African venture, offering shares at 16¢ each. (AFR)

VC

• Doohly raised $500,000 in pre-Seed funding from Melbourne VC Skalata and Archangel Ventures. (Startup Daily)

• Matrak secured $2.9m in a Series A round led by G&M Capital and Our Innovation Fund. (Startup Daily)

• EnvisionVR rebranded to 'Enviz' after securing $1.5m in funding from investors like Michael and Henry Holm of Balmain Private. (Startup Daily)

People moves

• Seven West Media's director of news, Craig McPherson, is leaving amid scandals. (Capital Brief)

• Fletcher Building investors push for Mark Cairns as new board chair. (The Australian)

• Matt Berriman resigned as Mental Health Australia chair, citing government inaction on mental health. (Startup Daily)

• Star Entertainment appoints Anne Ward as the new chair, replacing David Foster temporarily. (Capital Brief)

• Adore Beauty CEO Tamalin Morton will resign in September due to personal reasons after leading since January 2023. (Capital Brief)

Together with First Cheque podcast

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Learn from interviews with leading investors at Airtree, AfterWork, Archangel, Blackbird, Main Sequence, Startmate, and more.

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The watercooler