PRE-MARKET AUSTRALIAN, JAPANESE & SOUTH KOREAN STOCKS NEWS: Brookfield agreed to acquire Reliance Worldwide for USD 2.8bln
Brookfield agreed to acquire Reliance Worldwide for USD 2.8 billion, alongside corporate guidance updates in Australia, overseas industrial expansions in Japan, and merger and labor developments in South Korea.
News detail
AUSTRALIA Infratil (IFT AT) - Co. raised FY27 proportionate EBITDAF guidance to NZD 1.32bln-1.42bln from NZD 1.30bln-1.40bln, while CDC Data Centres' FY27 EBITDAF guidance was raised to AUD 710mln-750mln from AUD 680mln-720mln following new contract wins and operating cost savings. (Motley Fool) James Hardie Industries (JHX AT) - Co. targets annual organic growth of 4%-7% above market, expects USD 125mln of cost synergies one year ahead of schedule, said USD 500mln of revenue synergies are on track, raised its FY27 free cash flow target to at least USD 600mln, reaffirmed FY27 net sales and adjusted EBITDA guidance, and reaffirmed capital allocation priorities including reducing net leverage. (Dow Jones Newsplus) Ramelius Resources (RMS AT) - Co. will release its FY27 guidance and four-year outlook on September 21. (Dow Jones Newsplus) Reliance Worldwide Corporation (RWC AT) - Brookfield agreed to acquire the Co. for USD 3.38/shr in cash in a USD 2.8bln deal. (Newswires) Rio Tinto (RIO AT) - Four of the world's largest private equity firms are reportedly assessing a potential AUD 2bln-3bln selldown of the Co.'s Pilbara infrastructure assets. (The Australian) JAPAN Hitachi (6501 JT) - Co.'s Hitachi Energy plans to invest USD 528mln in a new transformer factory in Mississippi, its largest single investment under its US manufacturing expansion. (Nikkei) Inpex (1605 JT) - Co. is seeing strong buyer interest in its Abadi LNG project in Indonesia as the closure of the Strait of Hormuz increases demand for energy supplies that avoid the Middle East route. (Nikkei) JFE Holdings (5411 JT) - Co.'s JFE Engineering unit and Japanese startups are expanding into the Philippine renewable energy market, including solar power, battery storage and electricity retailing, often in partnership with local companies. (Nikkei) Nissan Motor (7201 JT) - Co. will invest GBP 170mln to build a new hybrid SUV at its UK plant. (FT) Sharp (6753 JT) - Co. has begun accepting orders for AI servers developed in collaboration with parent Foxconn, leveraging Foxconn's procurement capabilities amid tight component supply. (Nikkei) Shimizu (1803 JT) - Co. is partnering with US developer Kennedy Wilson on a rental housing development in Atlanta, Georgia. (Nikkei) SOUTH KOREA Korean Air (003490 KS) - Co. will maintain Asiana Airlines' (020560 KS) mileage program for 10 years after the two carriers merge. (Nikkei) POSCO Holdings (005490 KS) - Co.'s unionized workers began a second partial strike after failing to narrow differences with management in wage negotiations. (Yonhap) Other News South Korean Foreign Minister will meet with the US Secretary of State on September 18th. (Yonhap) South Korea is reportedly seeking to acquire a 15% stake in Westinghouse, according to South Korean press. (Newswires)
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