Shares in Australia's Platinum Surge on Merger Talks
SYDNEY–Shares in Australia's Platinum Investment Management surged after the fund manager entered merger talks with privately owned L1 Capital.
The stock rose as much as 16% Thursday after Platinum said it was speaking with shareholders of Melbourne-based L1 over a merger that would create a business with funds under management of about 18 billion Australian dollars, or $11.5 billion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
Walmart (WMT) Pays $10 Million Fine to Settle Lawsuit over Money Transfer Fraud
Walmart (WMT) has agreed to pay a $10 million fine to settle a U.S. Federal Trade Commission civil lawsuit accusing the world's largest retailer of ignoring warning signs that scam artists leveraged its money transfer service to bilk consumers out of hundreds of millions of dollars. Confident Investing Starts Here: Walmart has also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. 'Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good,' said Christopher Mufarrige, director of the FTC Consumer Protection Bureau. Bentonville, Arkansas-based Walmart did not admit or deny wrongdoing in settling the case. In its complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer service to target consumers. Walmart acts as an agent for money transfers by companies such as MoneyGram and Western Union (WU). Tricksters The FTC said fraudsters used many schemes via Walmart, including impersonating Internal Revenue Service (IRS) agents, impersonating family members, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. The judge dismissed part of the FTC's legal claim last year but let the regulator pursue most of its case. Walmart appealed that decision. The $10 million settlement effectively ends Walmart's appeal. WMT stock is up 6% this year. Is WMT Stock a Buy? average WMT price target of $109.71 implies 14.14% upside from current levels.
Business Insider
3 hours ago
- Business Insider
'Roadblock': Paramount Stock (NASDAQ:PARA) Surges as the Trump Settlement Sputters
As it turns out, entertainment giant Paramount (PARA) was actually fairly close to a deal with President Trump over the 60 Minutes lawsuit. But, when the deal was fairly close, a 'roadblock' emerged and put a halt to the whole matter, at least for now. Investors reacted with surprising strength, and perhaps even more surprising positivity. Paramount shares gained nearly 2.5% in the closing minutes of Friday's trading. Confident Investing Starts Here: The settlement had reached $35 million, reports noted, when Paramount suddenly found itself paralyzed by indecision. That delay caused Trump lawyers to pivot and pull back to their original demand, calling for a $50 million settlement. The biggest problem seems to be that the Federal Communications Commission (FCC) is also involved in this, and needs to sign off on the merger with Skydance as well. Reports suggested that Paramount brass believes that the FCC's sign-off on the deal needs to be contingent on settling the case, but by like token, the idea that requiring FCC approval as part of the settlement looks a lot like a bribe. Trump's legal team, reports note, has already been clear that the Trump suit and the FCC case are two separate matters. But with outside organizations looking to launch their own lawsuits should the settlement go through, looks may count for more here than anyone expected. South Park Losses Mount Meanwhile, as Paramount faces the prospect of losing South Park exclusivity, it quietly pulled another old episode from the field. The pull this time showed up in the Canadian and Australian markets, reports noted, and this time, featured Butters' Very Own Episode pulled from Paramount+. Why, however, is a bit of a mystery. Several South Park episodes are apparently a bit too spicy for streaming, in retrospect, with around a dozen classic episodes set to be pulled from the catalog and relegated to a 'ban list', reports noted. The reports got stranger as an Australian viewer noted that the Paramount+ listing had been pulled, but the episode could still be watched by watching through Paramount+ on Amazon (AMZN) Prime Video. Is Paramount Stock a Good Buy Right Now? Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on two Buys, eight Holds and five Sells assigned in the past three months, as indicated by the graphic below. After a 18.62% rally in its share price over the past year, the average PARA price target of $12.08 per share implies 2.23% downside risk.
New York Post
3 hours ago
- New York Post
Another buyer has made offer for Rays in potential twist
Another potential Rays buyer has thrown a hat in the ring. Trip Miller, the founder of a Memphis hedge fund, is the latest to join the billionaire race to own the Rays as he created a group that made an all-cash offer to Rays owner Stu Sternberg, according to The Athletic. 'We made an offer last week,' Miller said, per The Athletic. 'We have had contact with the club over the past month, specifically about our offer. 4 Rays' current owner, Stuart Sternberg, answered reporters' questions in March. Kim Klement Neitzel-Imagn Images 'If there is an exclusivity period that expires soon, and I don't know when it expires, we would welcome the opportunity to have a deeper discussion with the Rays about our offer.' It was reported Wednesday that Sternberg was in 'advanced talks' to sell the franchise with a group led by Jacksonville homebuilder Patrick Zalupski having executed a letter of intent to purchase the club. 4 Patrick Zalupski is the founder, chairman and CEO of Dream Finders Homes, a Florida-based homebuilder. University of Florida Zalupski's group's offer was reported to be $1.7 billion, according to Sportico. As for Miller's offer, he did not reveal the number but included that he and his group are willing to raise the number if necessary. The Rays are currently in need of a new stadium as they can't play at Tropicana Field after the stadium sustained damage from Hurricane Milton in October 2024. Tampa Bay has instead played at George M. Steinbrenner Field in Tampa — home to the Yankees' spring training and Low-A team. 4 Tropicana Field was ravaged by Hurricane Milton in October 2024. AFP via Getty Images The stadium issue is something that MLB is hoping a new owner would solve, as Sternberg had a deal in place to begin building a new 30,000-capacity stadium in downtown St. Petersburg before the plans ended because of financing delays. 'The league, that's what they're looking for — someone who can not only buy the club but solves the stadium problem,' Miller said. While finding a new stadium is a priority, relocating out of Central Florida is seemingly not an option. 4 Rays legend Evan Longoria puts on a jersey after signing an honorary one-day contract, alongside current Rays owner Stu Sternberg. AP 'This is not a relocation play to another state,' Miller said. 'You won't see the Rays relocating out of Central Florida, whether it was our group or another group.' Miller said that Orlando is not out of the realm of possibilities for relocation and that, all in all, the total investment for the team and a new stadium will be more than $3 billion.
