Category: Headlines

Pacific Assets (PAC), the £473m investment trust hit by the exit of its Stewart Investors management team last year, is to merge with Schroder Asian Total Return (ATR), offering shareholders a 25% cash exit at a 2% discount. The decision of Sydney-based First Sentier to close its Edinburgh subsidiary following the departure in August of David Gait, PAC’s former lead manager, and two colleagues, angered the board which began a strategic review in November. Announcing the conclusion of that process today, chair Andrew Impey said the board and its adviser Investec had received a large number of high quality proposals, including one from FSSA Investment Managers, First Sentier’s other fund management arm which temporarily took over responsibility for the portfolio although it was barred from making major changes during the review. Explaining the decision, Impey said: “Schroder Asian Total Return has an impressive record of attractive total returns from a differentiated investment strategy and a track record of strong discount management. We have every confidence that the enlarged company will be a leading Asian equities investment company for existing and future investors.” The elimination of PAC will reduce the number of trusts in the AIC Asia Pacific sector to three from four. Assuming the 25% cash exit is taken up, it should enlarge ATR’s net assets to £1.1bn, putting it level with stablemate Schroder AsiaPacific (SDP) and ahead of Baillie Gifford’s Pacific Horizon (PHI) which has £956m. Under Schroders fund managers Robin Parbrook and King Fuei Lee, the £624m ATR has generated total underlying investment returns of 57.2%, 22.1%, 10.9% and 15% over one, three, five and 10 years. This beat the annualised sterling returns of the MSCI AC Asia Pacific ex Japan index of 51%, 21%, 8.7% and 11.8% over the same time periods, PAC said. Impey said PAC shareholders who rolled into ATR should get an “immediate uplift” as the latter traded on a narrower average three-month discount to net asset value. As an insurance against ATR’s performance faltering, the company will put forward a 15% performance-related tender offer to shareholders if its growth in net asset value fails to beat the MSCI benchmark over the five years to 31 December 2030. Schroders will contribute to the costs of the merger and has agreed a cut in fees to ensure ATR’s annual ongoing charges drop to 0.65% from 0.8%, a big saving for PAC shareholders who had paid 1.1%. In line with current good practice, the tiered annual management fee, which includes a new 0.5% rate for assets over £500m, will apply to the lower of NAV or share price, meaning shareholders pay less if the trust stands on a discount. ATR chair Sarah MacAulay said: “The proposed combination will provide shareholders with the scale and liquidity that is increasingly desired in the investment trust industry. The board believes that the proposed combination is compelling for Pacific Assets, Schroder Asian Total Return and prospective shareholders and will position Schroder Asian Total Return for future growth as the pre-eminent Asia Pacific investment company.” Source: https://quoteddata.com/2026/06/pacific-assets-to-merge-with-schroder-asian-total-return/

Health innovation platform developer Aditxt and its fully owned subsidiary Ignite Proteomics have announced their plans for a business combination with a strategic partner that values the latter at an implied equity value of nearly $150m. Upon completion of the transaction, Ignite will separate from Aditxt and is expected to become an independent public company via the establishment of a new holding entity, anticipated to be called Ignite Proteomics, Inc. Following the close, the acquisition corporation and Ignite will become wholly owned subsidiaries of the newly formed holding company. The new company’s public warrants and common stock are anticipated to be listed on the New York Stock Exchange, pending approval of the application and customary closing conditions. Aditxt acquired Ignite with the intention of identifying and advancing differentiated health innovation platforms. The planned business combination is described as providing Ignite with a dedicated public company structure and increased access to growth capital. Aditxt Interim CEO and Ignite Proteomics CEO Jeff Busch said: “Aditxt owns 100% of Ignite, a differentiated precision oncology asset, and this transaction is expected to unlock that value through a business combination that values Ignite at approximately $150m. “For Ignite, becoming an independent public company is expected to provide the focus, visibility and access to capital needed to accelerate commercialisation, expand clinical evidence generation and pursue broader adoption of its functional proteomics platform in oncology.” Ignite focuses on the development and commercialisation of a proteomics platform aimed at improving physicians’ understanding of biological activity in tumours. Its core programme targets commercialisation in breast cancer, with plans to expand to further tumour types and clinical settings. The transaction proceeds are expected to support Ignite’s working capital and general corporate requirements. Source: https://www.pharmaceutical-technology.com/news/aditxt-ignite-merger-plans/?cf-view

Paramount said to today that competition authorities in Australia and New Zealand, as well as Saudi Arabia, Ukraine, Serbia and North Macedonia have approved its pending merger with Warner Bros. Discovery. Foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania are also on board, the David Ellison-run company said in an SEC filing. The deal is still awaiting key greenlights from the U.S. Department of Justice, the EU and the U.K., where regulators said on Tuesday they are opening a Phase 1 inquiry into the combination. The Competition and Markets Authority (CMA) set an August 7 deadline to determine if there is a “realistic prospect of a substantial lessening of competition.” If it finds the threshold is met, the watchdog will move to a Phase 2 investigation. Show more sharing optionsAn aerial view of the Paramount logo on the water tower at Paramount StudiosParamount StudiosJustin Sullivan/Getty Images Paramount said to today that competition authorities in Australia and New Zealand, as well as Saudi Arabia, Ukraine, Serbia and North Macedonia have approved its pending merger with Warner Bros. Discovery. Foreign direct investment authorities in Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania are also on board, the David Ellison-run company said in an SEC filing. The deal is still awaiting key greenlights from the U.S. Department of Justice, the EU and the U.K., where regulators said on Tuesday they are opening a Phase 1 inquiry into the combination. The Competition and Markets Authority (CMA) set an August 7 deadline to determine if there is a “realistic prospect of a substantial lessening of competition.” If it finds the threshold is met, the watchdog will move to a Phase 2 investigation. Paramount announced plans to acquire Warner Bros. Discovery in late February for $31 a share in cash, valuing the company at $110 billion (enterprise value, which includes debt) and $81 billion (equity value). It has said it expects to close the deal in the third quarter. In the event the transaction has not closed by September 30, the agreement calls for WBD shareholders to receive a $0.25 per share so-called “ticking fee” for each quarter (measured daily) until closing. It was a sweetener to entice WBD’s board to agree to the deal. Paramount, in the filing, cited the Australian Competition and Consumer Commission’s conclusion that the deal “is unlikely to have the effect of substantially lessening competition in relation to the wholesale supply of films for theatrical release in Australia.” While “the Acquisition would remove competition between Paramount and Warner Brothers, the merged entity would continue to be constrained by other film studios post-Acquisition.” The ACCC said the combined company “is unlikely to have a sufficiently strong position in the supply of wholesale [audiovisual] content to enable it to successfully foreclose rivals’ access.” Source: https://deadline.com/2026/06/paramount-wbd-mergerl-clears-australia-1236952390/

(June 3): Nestlé SA is taking full control of ready-to-drink meal maker yfood Labs GmbH, bolstering the company’s push into faster-growing brands. The Swiss foodmaker, which acquired a 49% stake in Munich-based yfood in 2023, is buying out founders Noel Bollmann and Benjamin Kremer, the company said Wednesday in a statement, confirming a Bloomberg News report. Terms weren’t disclosed. The deal values yfood at around €450 million (RM2.08 billion), people familiar with the matter said earlier, asking not to be named discussing confidential matters. The brand, whose bottles are known for their “This Is Food” large lettering, now also sells shakes, powders, bars and bowls across about 30 European countries, generating annual revenue of nearly €150 million in 2025. Nestlé’s move is the first acquisition under CEO Philipp Navratil, who took charge in September with a plan to streamline operations and promote brands and categories more likely to be in demand in the coming years. Although yfood is well known in Europe, there is significant scope for it to expand in the US, one of the largest markets in the world for meal-replacement products, the people said. What once started there as a market for dieters wanting slimming shakes has grown into a diversified category offering consumers a wide range of specialised products. In 2022, Nestlé bought a majority stake in Orgain, which has one of the top-selling plant-based protein ready-to-drink shakes in the US. Nestlé also owns nutritional drinks brand Boost. Nestlé is not the only foodmaker expanding in this area. In March, Danone purchased UK-based Huel, a maker of fortified protein powders and drinks backed by celebrities like actor Idris Elba, boosting its range of protein-packed dairy products. Nestle recently combined its health science and nutrition divisions to create a larger platform focused on specific needs such as longevity, infant formula and products that support gut health and obesity management for patients on GLP-1 weight-loss medications. See also: Coca-Cola posts best sales growth since 2024 with smaller sizes Navratil said embedding nutrition into one of the company’s four core units was not driven by the need to cut costs but rather the opportunity to “unlock growth”. Speaking at a consumer conference in Paris on Tuesday, Navratil said there was a lot of overlap in areas such as protein, fibre and creatine, a quick source of energy for muscles, and combining nutrition with health science could help more effectively scale innovations globally. The deal will be complete by July 3, with Nestlé executive Jolanda Schwirtz taking charge of yfood. Source: https://www.theedgesingapore.com/amp/news/fb-sector/nestl-buys-out-yfood-founders-first-acquisition-new-ceo

Yamada Holdings (9831.T), Japan’s largest consumer electronics retailer, and fifth-ranked Edion are planning to merge to create a dominant industry giant, Nikkei reported. The two companies aim to establish a joint holding company, consolidating operations to strengthen product development and procurement capabilities. Facing intensifying competition from non-traditional entrants into the electronics sales space, the combined entity would command a massive scale with combined revenues estimated at roughly 2.5 trillion yen ($17.5 billion). The boards of both companies are expected to convene shortly to reach a basic agreement on the management integration, with detailed discussions on the merger scheme and executive structure to follow. Japan’s consumer electronics landscape is poised for a seismic shift as Yamada Holdings (9831.T), the nation’s largest electronics retailer, and Edion, the fifth-largest player, are planning a management merger, Nikkei learned on Wednesday. The initiative aims to create a colossal retail alliance with combined revenues estimated at 2.5 trillion yen, or roughly $17.5 billion, as the sector grapples with fierce competition from unconventional rivals. The core of the plan involves establishing a joint holding company under which both Yamada and Edion would operate. By integrating their management structures, the two firms seek to dramatically enhance their product development and procurement strength, building a bulwark against the increasing incursion of companies from outside the traditional electronics retail industry. Both companies are expected to hold board meetings within the week to reach a basic agreement on the management integration. While the fundamental intention to merge is firm, the specific scheme for the integration, as well as the composition of the executive team under the proposed holding company structure, are details that will be hammered out in subsequent negotiations. Forging a National Champion in a Crowded Market The decision to merge underscores the profound transformation of Japan’s electronics retail sector. Once dominated by specialized big-box stores, the market is now awash with competition from e-commerce platforms, discount drugstores, and home improvement centers that have aggressively expanded their electronics assortments. This blurring of retail boundaries has placed immense pressure on dedicated electronics chains to achieve scale efficiencies that can support competitive pricing and exclusive product development. A merger between Yamada and Edion would create an entity with unprecedented market coverage across Japan. Yamada Holdings operates a vast network of stores under brands like Yamada Denki, while Edion has a strong footprint with its own regional chains. The combined group would wield significant bargaining power with major electronics manufacturers, enabling it to secure better supply terms and invest more heavily in private-label goods and digital transformation. The integration is expected to proceed with careful consideration of regulatory requirements, though the complementary geographic presence of the two chains may help smooth antitrust reviews. For consumers, the union promises a more robust omnichannel experience, merging Yamada’s extensive physical and online infrastructure with Edion’s regional expertise. As the boards prepare to formalize their intent, the move signals a new chapter of consolidation in a retail segment that is rapidly redefining itself to survive and thrive in an era where every store is an electronics store. Source: https://finance.biggo.com/news/rHiNjp4BoQmpnl368PBW

Ampol’s proposed acquisition of EG Australia has been cleared by the Australian Competition and Consumer Commission (ACCC) after securing a commitment from the fuel retailer to divest 41 service stations across five states. The regulator said the divestments would address competition concerns in local fuel markets where the combined business could otherwise reduce consumer choice and weaken price competition. To secure approval, Ampol committed to selling 41 sites across Queensland, NSW, Victoria, SA and WA. “The ACCC was concerned the acquisition could materially reduce competition and reduce choice for Australian motorists. We are very conscious of community concern about fuel prices and cost of living, and we are continuing to closely monitor and report on the fuel industry,” said ACCC commissioner Philip Williams. The acquisition, first announced in August, will significantly expand Ampol’s retail footprint, adding hundreds of fuel and convenience stores to its network. Following the ACCC’s decision, Ampol MD and CEO Matt Halliday said the deal would enable the company to expand its low-cost U-Go fuel offer on a much larger scale. According to the Australian Financial Review, Halliday said Ampol would use the EG Australia network to accelerate the rollout of the discount fuel brand. Around 125 EG sites are expected to be converted to the U-Go format, increasing the network from 46 locations to about 170 nationwide. The ACCC has approved Dib Group (Metro Petroleum) as the buyer of the divestment sites and granted a notification waiver for the acquisition, saying the deal would create or strengthen a viable long-term competitor in the 39 affected local markets. Metro Petroleum and its related entities currently own and operate more than 300 sites across Australia. “We believe Metro Petroleum’s acquisition of the divested sites would result in the creation, or expansion, of a strong, independent and viable long-term competitor in the 39 local markets,” Williams said. The transaction is expected to be completed by the end of this month. Source: https://insideretail.com.au/sectors/accc-clears-ampols-eg-australia-takeover-subject-to-divestments-202606

The move follows Nissha’s decision to acquire a 60 per cent stake in USM Healthcare, as announced in January. The company has positioned the medical market as one of its priority markets and is working to achieve business expansion through company-wide efforts, with the company having set its sights on the areas of medical devices, pharmaceuticals, and healthcare products. USM Healthcare manufactures and sells products such as stents used in cardiology (devices used in catheter-based treatments that are minimally invasive) and devices used in orthopaedics. It has a vertically integrated system in place which encompasses processes spanning from product design and development to regulatory approval, manufacturing, and sales, giving the company a competitive edge in terms of pricing. As Vietnam’s only domestic manufacturer in the stent field, it has continued to grow in recent years on the back of preferential policies aimed at domestic medical devices in Vietnam, and further expansion is expected going forward. Drawing on this vertically integrated system, USM Healthcare also provides contract design/development and manufacturing organisation (CDMO) for medical device manufacturers. The medical devices market in Southeast Asia is rapidly expanding against the backdrop of economic development and improved standards of medical care. With a focus on the US, the company has previously aimed to expand its business regarding CDMO for medical devices. Through this acquisition, the company has newly acquired a business platform for medical device manufacturing in Southeast Asia. Taking full advantage of the Nissha Group’s customer bases in the US and Japan, the group’s knowledge on design, development and manufacturing in relation to CDMO for medical devices, as well as its quality management, the company will proceed with strengthening the existing businesses of USM Healthcare and making them more efficient while also encouraging geographic expansion in Southeast Asia. Source: https://vir.com.vn/nissha-completes-share-acquisition-of-usm-healthcare-153375.html

Law firms YKVN and Allens have advised on Lian SGP’s acquisition of a controlling stake in Vietnamese pharmaceutical giant Imexpharm from South Korea’s SK Group via a public tender offer. According to reports, Lian SGP, a Singapore-based entity wholly owned by China’s Livzon Pharmaceutical Group, purchased 104.5 million shares in Imexpharm for nearly VND6 trillion (USD227 million), giving it 67.8% ownership in the company. YKVN, led by Ho Chi Minh City-based managing partner Truong Nhat Quang and partner Ho Anh Tuyet, advised Lian SGP on various Vietnamese regulatory and compliance aspects. “Our work encompassed the structuring, documentation and execution of the public tender offer, the mandatory squeeze-out mechanism and its related regulatory constraints, delisting considerations, merger control filing, and post-closing corporate governance arrangements to facilitate a smooth transition following completion,” Ho told Asia Business Law Journal. Ho said the transaction involved multiple key elements, including co-ordination with regulators and stakeholders. “A key highlight of the transaction was the co-ordination of multiple regulatory workstreams arising from the public tender offer structure, particularly in dealings with the State Securities Commission and the Vietnam Competition Commission in connection with merger control approval,” she said. “Another notable aspect of the transaction was the involvement of a state-owned enterprise as a major shareholder of Imexpharm, which required close co-ordination among multiple stakeholders throughout the transaction process. Managing the regulatory workstreams and stakeholder engagement effectively was therefore an important element in achieving a successful outcome.” Allens, working closely with its global alliance firm Linklaters, advised SK Group on the Singaporean and Chinese law aspects of the deal. The team comprised partner and head of Vietnam Linh Bui, senior associates Thuy Linh Nguyen and Ngoc Nguyen, and associates Duong Anh and Tien Tran. The transaction represents a rare sale of a majority stake in a listed Vietnamese company by a foreign strategic shareholder. Following the acquisition, Lian SGP intends to maintain Imexpharm’s existing business strategy while building on its portfolio of pharmaceutical products manufactured under EU-GMP standards. Source: https://law.asia/ykvn-allens-lian-sgp-imexpharm-sk-group-vietnam-pharma-acquisition/

Bank Australia and P&N Group have announced they are exploring a merger that would create one of Australia’s largest customer-owned banks, with combined assets exceeding $30 billion and a national footprint of over 530,000 customers. The two banks signed a Memorandum of Understanding (MoU) on Thursday, signalling the beginning of formal due diligence. If their boards agree to proceed, members will vote on the proposed merger in the first half of 2027, subject to regulatory approvals. The merged entity would bring together Bank Australia’s strong east coast presence – which itself expanded following its merger with Qudos Bank in July 2025 – with P&N Group’s footprint in Western Australia and regional New South Wales through its P&N Bank and BCU Bank brands. Leadership and structureUnder the proposed terms, P&N Group’s Andrew Hadley would serve as managing director and chief executive of the merged entity, while Bank Australia’s Damien Walsh would explore other career options following a successful completion. Bank Australia Chair Jennifer Dalitz would take the inaugural chair role, with P&N Group chair Gary Humphreys serving as deputy chair. All non-executive employees have been offered roles in the merged organisation, with the registered head office to be based in Melbourne and state offices maintained in Perth, Sydney, and Brisbane. “This potential merger creates a unique opportunity to build Australia’s leading customer-owned bank with the scale to invest in better services, technology and security,” said Dalitz, “while growing our ability to drive positive social and environmental impact on behalf of our customers.” Humphreys echoed the sentiment, describing Bank Australia as “a financially resilient organisation with an established brand, clear strategic direction, and a well-established track record of delivering positive outcomes for customers and communities”. What it would mean for customersBoth banks have committed to retaining all existing branches across Victoria, Western Australia, New South Wales, the ACT, and Queensland, with the merged entity to review branch needs over time. All current brand names would be retained on day one, with a transition to the Bank Australia brand planned as soon as practical. The merged bank would remain 100% customer-owned, operating Australian-based call centres on both coasts to extend customer support across time zones – a logistical advantage that neither institution currently holds independently. Source: https://www.mpamag.com/au/news/general/bank-australia-and-pn-group-to-explore-30bn-merger/575216

Southeast Building Supply Interests (SBSI), a growing platform of lumber and building materials distribution (LBM) businesses serving builders and professional contractors across the Southeast U.S., announced the acquisition of Builders Supply Company (“Builders Supply”), further expanding SBSI’s footprint in Tennessee. This transaction builds on SBSI’s existing presence in the state through Wallace Building Supply and reinforces its commitment to serving contractors through a growing network of local operations. This acquisition adds three Builders Supply locations to SBSI’s growing network, bringing the company’s total footprint to 14 locations throughout the Carolinas, Georgia, Alabama and Tennessee. Anchored in Tullahoma, TN, with a location in nearby Monteagle, Builders Supply has grown into a multi-location LBM operation serving contractors, homebuilders, and remodelers across the mid-state with a broad portfolio of building materials and construction solutions. Its offerings span dimensional lumber, engineered wood products, millwork, windows and doors, roofing, siding, plumbing, electrical and related products, all supported by value-added services such as jobsite delivery, value engineering, product sourcing, and project coordination. Through its multi-branch footprint and service-oriented model, Builders Supply has established itself as a reliable partner for contractors across its markets, known for consistent execution, product expertise, and strong customer relationships. Current owners Bubba Ingleburger and Carl Dixon will continue with Builders Supply’s operations in Advisory roles, partnering closely with SBSI President Tom Tolleson and the broader SBSI leadership team to support continued growth and investment across the business. SBSI’s partnership model provides local LBM operators with the infrastructure, operational support, and resources needed to grow their businesses while preserving their entrepreneurial culture and strong community ties with single family and multifamily builders, remodelers and specialty contractors. Tom Tolleson, president of SBSI, said: “Builders Supply is a highly respected operator with a strong presence across Middle Tennessee. Expanding alongside Wallace Building Supply allows us to deepen our coverage in the state and better serve builders and contractors with enhanced scale and capabilities. We are excited to welcome Bubba, Carl, and the entire Builders Supply team to the SBSI family.” Bubba Ingleburger and Carl Dixon, owners of Builders Supply, added: “Our focus has always been on supporting our customers with the products and services they need to succeed. Partnering with SBSI gives us additional resources to invest in our locations, our people, and our capabilities, while continuing to operate the business the way our customers expect.” Matt Ogden, BIP founder and managing partner said “Despite a still-challenging U.S. residential construction and remodeling market, SBSI is hitting its operational stride and is now in full-throttle growth mode, both through organic initiatives and seeking acquisitions of great local family-owned LBM businesses. We’re proud of how the SBSI team has persevered and what they are accomplishing through a tough market environment”. SBSI intends to continue expanding across the Southeast U.S. by partnering with family-owned LBM dealers seeking a long-term partner that prioritizes employee experience, customer service, local leadership, and a buyer’s track record of success. The company provides operational and administrative support that reduces back-office burdens, enabling local teams to focus on sales, service, and community engagement. ESL Advisors advised the seller. SBSI is sponsored by Building Industry Partners (“BIP”), the leading private equity investment firm focused on the U.S. building industry. Holland & Knight served as legal counsel to SBSI, and Parkway Capital and First Merchants Bank supported the transaction. Source: https://www.lbmjournal.com/industry-news/mergers-acquisitions/press-release/15824888/southeast-building-supply-interests-southeast-building-supply-interests-acquires-builders-supply-company