DataRoom AM: Iron ore intrigue

By Daniel Palmer

Cliffs Natural Resources has long been a rumoured seller in Australia and an auction now appears imminent after overnight reports of the US-based miner hiring Jefferies Group to sell its local iron ore mines.  China’s Wuhan Iron & Steel and Baosteel have purportedly already shown interest, but it remains to be seen whether Cliffs will be able to get close to the previous $1bn valuation on its Australian assets given the current depressed iron ore market.

In the IPO market, APN News and Media adviser Grant Samuel has called for pitches from investment banks over the possible dual-listing of APN’s $400m NZ business, according to the AFR, while the Ingham family has drafted in the Commonwealth Bank to aid with a float or trade sale of six to eight Australian manufactured housing estates worth between $100m and $200m.

Finally, the ACCC is set to deliver a verdict on Fairfax Media’s purchase of All Homes and Expedia’s planned acquisition of Wotif today, while Brambles offshoot Recall Holdings has announced the sale of its German Secure Destruction Services business for an undisclosed amount.

Meanwhile, Leighton Holdings’ divestment of a bunch of assets is gathering steam, with Korea’s Samsung claiming pole position in the $1bn-plus sale of John Holland and Spain’s Ferrovial a lead contender for Leighton’s services business.

Read more here: Business Spectator


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