In today’s briefing:
- MAC Copper (MAC AU/MTAL US): Harmony Makes A Move
- Nufarm (NUF AU): Seed Sale Or Full Takeover – Something May Have To Give
MAC Copper (MAC AU/MTAL US): Harmony Makes A Move
- Dual-Listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, has entered into a Scheme Implementation Deed with Johannesburg-based Harmony Gold Mining (HAR SJ).
- Harmony is offering A$18.93/share (US$12.25/share), a 20.7% premium to last close, or a A$1.6bn/US$1.03bn value. The A$ consideration pivots off the USD/AUD exchange rate. The Offer requires FIRB signing off.
- The Offer has the unanimous backing of both boards, and also has the backing from shareholders holding 20.1% of shares out. Implementation is October/November. This may need more gruel.
Nufarm (NUF AU): Seed Sale Or Full Takeover – Something May Have To Give
- Nufarm (NUF AU), an agricultural chemical company , is down ~40% since it announced a 39.5% decline in 1H25 profit. The share price is at the lowest level since Covid.
- Concurrent with this results, Nufarm announced a review of its seed technology ops. Reportedly Advanta, BP – amongst others- are vying for the est. A$900mn business.
- Elsewhere, it is being reported that key shareholders recommend the Nufarm board explore a full takeover.
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