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Australia’s AGL Energy rejects $3.5 bln offer, backs decision to split

Australia’s AGL Energy rejects $3.5 bln offer, backs decision to split

  • Australia’s 2nd richest man, Canada’s Brookfield made joint bid
  • Offer was at a 4.7% premium to AGL’s last close
  • AGL says demerger plans on track

Feb 21 (Reuters) – Australian power producer AGL Energy Ltd on Monday rejected a $3.54 billion takeover offer from billionaire Mike Cannon-Brookes and Canada’s Brookfield Asset Management (BAMa.TO) in favour of its plan of splitting in two this year.AGL said the A$7.50 apiece proposal from Cannon-Brookes, Australia’s second-richest man and co-founder of software firm Atlassian, and the Canadian buyout group was a 4.7% premium to the stock’s Friday close and undervalued it.”The proposal does not offer an adequate premium for a change of control and is not in the best interests of AGL Energy shareholders,” AGL Chairman Peter Botten said.Register now for FREE unlimited access to Reuters.comRegisterThe unsolicited cash proposal with an option for AGL shareholders to elect a scrip alternative also provided limited other information about how the deal would be structured, Botten said.Cannon-Brookes’ investment vehicle, Grok Ventures, and Brookfield did not immediately respond to a request for comment.The profits and value of AGL, Australia’s biggest polluter, have shrunk on government pressure to cut retail rates, waning investor appetite for coal-fired power and an influx of solar and wind energy into the grid.The Australian Financial Review had reported on Sunday that the parties made a joint bid for AGL which included plans to halt its proposed split into a bulk power generator and a carbon-neutral energy retailer. AGL plans to re-brand as Accel Energy and hold the company’s coal-fired power plants and wind farm contracts. It would spin off AGL Australia Ltd, the country’s biggest retailer of electricity and gas, into a separately listed company. read more AGL said earlier this month it had made significant progress in its demerger plans and repeated on Monday that the split was on track to be completed by June. “The board is confident that the demerger will create a strong future for both parts of the business,” Botten said.($1 = 1.3961 Australian dollars)Register now for FREE unlimited access to Reuters.comRegisterReporting by Harish Sridharan and Shashwat Awasthi in Bengaluru; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles. .

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Tight supplies lift Mideast, Russian crude grades to multi-year highs

Tight supplies lift Mideast, Russian crude grades to multi-year highs

  • Cash Dubai’s premium breaches $4/bbl for first time – Platts
  • ESPO premiums jump to $7/bbl, highest since Dec 2019
  • Sokol premiums rise to highest since Dec 2019

SINGAPORE, Feb 16 (Reuters) – Middle East benchmark Dubai crude soared to a record this week while spot premiums for April-loading Russian oil jumped to their highest in more than two years in Asia, trade sources said on Wednesday as prices returned to pre-pandemic levels.The global supply-demand balance has tightened as the Organization of the Petroleum Exporting Countries and its allies are lagging behind commitments to increase output by 400,000 barrels per day each month. read more Demand, meantime, is robust as refiners globally are cranking up operations to reap higher margins on gasoline and diesel.Register now for FREE unlimited access to Reuters.comRegisterThe Russia-Ukraine crisis has also boosted Brent prices, pushing the benchmark’s premium to Dubai to its highest since 2013 this week.There was no immediate sign of the price spread weakening after Russia pulled back some of its forces from the border on Tuesday.The wide spread between the benchmarks is boosting Asia’s demand for Middle East and Russian grades priced off Dubai, leading spot premiums to hit multi-year highs this month.Cash Dubai hit a record high at Tuesday’s market close, breaching $4 a barrel premium over futures for the first time, oil pricing agency S&P Global Platts reported.The April cash Dubai versus same-month Dubai futures was assessed at a premium of $4.08 a barrel, Platts data showed.For Russian grades, spot premiums for ESPO Blend crude exported from the Far East port of Kozmino soared to their highest in more than two years after producer Surgutneftegaz sold three cargoes via a tender, trade sources said.The cargoes for late March to early April loading were sold at premiums of $7-$7.10 a barrel above Dubai quotes, they said, about $2 higher than last month.ESPO crude premiums were last seen at these levels in December 2019, Refinitiv data showed.Trading houses Mitsui and Petraco bought the cargoes, the sources said.Similarly, spot premiums for Russian Sokol crude loading in April jumped to their highest since January 2020 after India’s ONGC Videsh sold a cargo via a tender, they added.The cargo for April 19-25 loading was sold to Glencore at a premium of $7.80-$7.90 a barrel to Dubai quotes, the sources said.Register now for FREE unlimited access to Reuters.comRegisterReporting by Florence Tan in Singapore and Olga Yagova in Moscow; Editing by Tom Hogue, Shailesh Kuber & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles. .

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Treasury Wine shares surge as ex-China growth begins to pay off

Treasury Wine shares surge as ex-China growth begins to pay off

Bottles of Penfolds Grange wine and other varieties, made by Australian wine maker Penfolds and owned by Australia’s Treasury Wine Estates, sit on shelves for sale at a winery located in the Hunter Valley, north of Sydney, Australia, February 14, 2018. REUTERS/David GrayRegister now for FREE unlimited access to Reuters.comRegisterFeb 16 (Reuters) – Treasury Wine Estates (TWE.AX) said on Wednesday its operating earnings outside mainland China jumped 28%, underpinned by growth in its luxury and premium brands, sending shares of the world’s largest standalone winemaker nearly 12% higher.Treasury has had to re-direct supply to the United States, Europe and domestically after a diplomatic row between Canberra and Beijing effectively closed the lucrative Chinese market to Australian wine.The company said it recorded strong growth in its Americas and premium brands businesses, both of which reported a 19% rise in their earnings before interest, tax, SGARA and material items (EBITS).Register now for FREE unlimited access to Reuters.comRegister“Penfolds growth was particularly strong in Asian markets outside of Mainland China … increasing distribution in Asia, domestic markets, Europe and the United States was a key execution highlight,” the company said in a statement.Reported EBITS, excluding Australian COO wine sold in mainland China, rose to A$262.4 million ($187.7 million), narrowly missing market expectations of A$265 million while its total net profit slid 7.5% to A$109.1 million.The company said trading conditions for the remainder of fiscal 2022 were expected to remain broadly in line with the first half across its key markets and channels.”Despite FY22 potentially shaping up to be slightly softer than expectations, we see Treasury doing a commendable job building demand for its products in new markets,” Citi analysts said in a note.Treasury shares jumped as much as 11.8% to A$11.78 in early trading, while the broader market (.AXJO) rose 0.4%.The company said it plans to increase prices across select portfolio brands to partly mitigate the impact of elevated supply chain costs and logistics. The Melbourne-based firm retained its interim dividend of 15 Australian cents per share.($1 = 1.3986 Australian dollars)Register now for FREE unlimited access to Reuters.comRegisterReporting by Tejaswi Marthi and Savyata Mishra in Bengaluru; Editing by Aditya Soni and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles. .

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Finnair to stay independent and stick to Asia strategy, says CEO

Finnair to stay independent and stick to Asia strategy, says CEO

A Finnair Airbus A320-200 aircraft prepares to take off from Manchester Airport in Manchester, Britain September 4, 2018. REUTERS/Phil NobleRegister now for FREE unlimited access to Reuters.comRegisterHELSINKI, Feb 11 (Reuters) – Finnair will remain a stand-alone airline and stick to its Asia-focused strategy while adding new routes to the United States, Chief Executive Topi Manner said on Friday.Finland’s national carrier, which has bet heavily on providing connections to Asia, expects the business environment to return close to normal in the second half of this year following pandemic disruptions, he told Reuters.”We are optimistic about summer,” Manner said, adding the airline expected countries like Japan and South Korea to lift travel restrictions towards summer in the northern hemisphere.Register now for FREE unlimited access to Reuters.comRegisterThe recovery of Asian traffic from the slump caused by widespread border restrictions is particularly important for the Finnair, which seeks to benefit from providing connections to Asia from Europe thanks to the location of its Helsinki hub.”We believe Asia will open up eventually. In the meantime, we are partially pivoting to North America,” Manner said in an interview.He was speaking after the airline announced a 200-million-euro ($228 million) investment in renewing the cabins of its long-haul fleet, including a new premium economy service and redesigned business cabin.Manner said the new cabin class was being added to address increasing demand in premium leisure travel, while also introducing a new business class seat called “the air lounge,” a nest-like shell that does not recline but modifies to allow for vertical sleeping.”We as a carrier of course need to differentiate and we have chosen to differentiate with quality,” he said.Finnair operates Airbus A330 and A350 planes on long-haul routes.Unlike many airlines, Finnair has not yet joined a wave of orders for the latest generation of narrowbody jets like the A320neo, which burn 15% less fuel.Finnair’s fleet of 35 Airbus A320-family jets includes some planes as old as 21 years but others produced as recently as 2018, according to its website.Asked whether Finnair planned to renew its medium-haul fleet, Manner said it could do so in three or four years but stressed the importance of sustainable aviation fuel as the airline targets net zero emissions by 2045.($1 = 0.8770 euros)Register now for FREE unlimited access to Reuters.comRegisterReporting by Anne Kauranen Editing by Tim Hepher and Mark PotterOur Standards: The Thomson Reuters Trust Principles. .

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نفت خام خاورمیانه دبی در فعالیت تجاری محدود دچار افت شد

نفت خام خاورمیانه دبی در فعالیت تجاری محدود دچار افت شد

سنگاپور، 3 فوریه (رویترز) – شاخص نفت خام خاورمیانه دبی روز پنجشنبه در بحبوحه حجم معاملات محدود کاهش یافت زیرا شرکت کنندگان آسیایی برای تعطیلات سال نو قمری غایب بودند. قیمت نفت معیار جهانی در روز پنجشنبه به دنبال داده های ضعیف حقوق و دستمزد ایالات متحده و مقداری سود کاهش یافت. با توجه به اینکه تولیدکنندگان اوپک پلاس به افزایش تولید متوسط ​​برنامه‌ریزی‌شده پایبند بودند، تحت حمایت عرضه محدود باقی ماندند. WINDOW اکنون برای دسترسی نامحدود رایگان به رویترز.com ثبت نام کنید ثبت نام کنید حق بیمه دبی برای مبادلات نقدی به بیش از دو سنت افزایش یافت و به بیش از 55 سنت رسید. بالاترین قیمت 3 دلار در هر بشکه. قیمت ها ($/BBL) QUALITY PREMIUM امتیاز کیفیت برای نفت خام موربان بارگیری در آوریل 0.8277 دلار در هر بشکه است و برای تجارت در محموله های بارگیری آوریل در طول فرآیند ارزیابی نزدیک بازار Platts تا فوریه، S&P موثر خواهد بود. پلاتس گفت که گلوبال پلاتس در یادداشتی به مشترکان در روز پنجشنبه اعلام کرد. پلاتس گفت، در ژانویه، قیمت برتر کیفیت برای نفت خام موربان بارگیری در ماه مارس 0.7470 دلار در هر بشکه بود. NEWSOPEC+ در روز چهارشنبه موافقت کرد که این نفت خام را حفظ کند. o افزایش متوسط ​​در تولید نفت خود در حالی که این گروه از قبل برای دستیابی به اهداف موجود تلاش می کند و نگران پاسخ به درخواست ها برای کاهش ظرفیت خود برای نفت خام بیشتر از سوی مصرف کنندگان اصلی برای محدود کردن قیمت های افزایش یافته است. بیشتر بخوانید، اداره اطلاعات انرژی آمریکا روز چهارشنبه اعلام کرد، با افزایش تقاضای سوخت به بالاترین سطح خود از اوت 2019، ذخایر نفت خام و عرقیات آمریکا هفته گذشته کاهش یافت. بیشتر بخوانید برای قیمت‌های نفت خام، ترک‌های فرآورده‌های نفتی و حاشیه‌های پالایشی، لطفاً روی RIC‌های زیر کلیک کنید. برای دسترسی نامحدود رایگان به رویترز.com هم اکنون ثبت نام کنید ثبت نام گزارش روسلان خساونه. ویرایش توسط Vinay Dwivedi استانداردهای ما: اصول اعتماد تامسون رویترز. .