At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of international markets and is pushing higher. The benchmark index is currently up 0.3% to 6,185.5 points.
Here's what has been happening on the market today:
Westpac cash earnings update.
The Westpac Banking Corp (ASX: WBC) share price is trading slightly higher today despite announcing a number of notable items that will impact its cash earnings. This includes new items of $816 million after tax, combined with the previously announced additional $404 million provision after tax for AUSTRAC matters. Included in the new items are $568 million of write-down of goodwill and intangibles associated with Westpac Life Insurance Services and Auto Finance businesses, along with a write-down of capitalised software.
Coca-Cola Amatil jumps on takeover approach.
The Coca-Cola Amatil Ltd (ASX: CCL) share price has surged higher today after confirming that it has received a takeover approach from Coca-Cola European Partners. According to the release, the largest independent bottler of soft drinks has offered $12.75 cash per share to acquire the company. This values Coca-Cola Amatil at approximately $9.282 billion and represents an 18.6% premium to its last close price. The company advised that a committee has reviewed the proposal and believes it is in the best interests of shareholders to grant due diligence to Coca-Cola European Partners.
Link receives another takeover offer.
The Link Administration Holdings Ltd (ASX: LNK) share price is pushing higher on Monday after a consortium comprising Pacific Equity Partners, Carlyle Group, and their affiliates returned with an improved takeover offer. The consortium is now offering $5.40 cash per share to Link shareholders, up from $5.20 cash per share. The latter offer was rejected last week by the board for "materially" undervaluing the company.
Best and worst ASX 200 performers.
The best performer on the ASX 200 on Monday by some distance has been the Coca-Cola Amatil share price with a 15% gain. This follows the receipt of the aforementioned takeover approach from Coca-Cola European Partners. The worst performer has been the Resolute Mining Limited (ASX: RSG) share price with a 3% decline. The gold miner's shares have come under pressure since the release of an underwhelming quarterly update last week.
