{"text":[[{"start":6.821,"text":"Three of Australia’s largest listed companies are set to disappear from the public markets as foreign buyers pounce on targets with attractive valuations."}],[{"start":15.288,"text":"Swedish private equity firm EQT on Monday agreed to take over Cleanaway Waste Management in a deal that valued the Australian business at A$9.3bn (US$6.5bn) including A$2.3bn of debt."}],[{"start":30.305,"text":"The offer was pitched at a 32 per cent premium to the refuse collection and recycling company’s share price in August prior to a nonbinding agreement being launched by EQT."}],[{"start":39.743,"text":"Cleanaway chair Samantha Hogg said the board concluded that the offer delivered “strong and certain cash value to shareholders at a significant premium” to the undisturbed share price and recommended it to shareholders."}],[{"start":51.313,"text":"It is the latest move by the Swedish firm to target Australia after it acquired the Melbourne Storm rugby league team in August and launched multiple bids for wealth manager Perpetual."}],[{"start":62.28,"text":"Meanwhile, Japan’s Dai-ichi Life launched a near-A$8bn offer to buy out investment manager and retirement income company Challenger Group after building a stake of more than 20 per cent in the Australian business last year."}],[{"start":75.36,"text":"The offer, which Challenger’s board said it would consider, is pitched at a premium of about 20 per cent to the closing share price on Friday."}],[{"start":82.288,"text":"A third takeover was confirmed on Monday when FleetPartners agreed to a A$1.1bn takeover from SG Fleet, owned by Australian fund Pacific Equity Partners, which fought off competition from Japanese bidders to take over the vehicle management business."}],[{"start":95.84,"text":"An initial approach at A$3.60 a share in July was rebuffed before a A$5.30 a share offer was agreed over the weekend."}],[{"start":105.181,"text":"The spate of deals comes against a backdrop of increasing interest in Australian-listed assets with companies including plumbing company Reliance Worldwide and insurance broker Steadfast agreeing to multibillion-dollar takeovers by foreign funds."}],[{"start":119.24,"text":"Meanwhile gold miner Northern Star and education company IDP have knocked back takeover offers. Insurance companies IAG and Suncorp are also in the sights of a Japanese suitor."}],[{"start":129.392,"text":"Shares in Cleanaway closed 20 per cent higher after the EQT deal was announced, while Challenger jumped 19 per cent and Fleet Partners gained 7 per cent."}],[{"start":138.42,"text":"Ron Shamgar, head of Australian equities at Tamim Asset Management, said the premiums being paid by buyers underlined the “massive gap” between valuations in the private and public markets, with the backdrop of higher bond yields and interest rate rises driving M&A."}],[{"start":153.709,"text":"“It’s a frenzy of deals,” he said, adding that he expected five to 10 more offers to be agreed before Christmas given market conditions."}],[{"start":161.516,"text":"Esther Holloway, an analyst with Morningstar, said in a note that a pullback in the equity markets had triggered takeover offers."}],[{"start":168.36,"text":"She said EQT’s bid for Cleanaway looked “fair” with environmental regulations restricting the development of new urban landfills. That has forced companies to invest in alternative assets, such as recycling, which has proved expensive and produced lower returns than traditional sites."}],[{"start":187.4,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1792399107_4658.mp3"}