ASX 200 up 0.35%: Crowns surges, ANZ & CBA settle class actions

Crown Resorts Ltd (ASX:CWN) and Fortescue Metals Group Limited (ASX:FMG) shares are making waves on the ASX 200 on Monday…

James Mickleboro

Author Bio James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas. Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends. His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed. Areas of Expertise ASX shares Growth and dividend investing Broker research Interpreting company announcements Market news Portfolio strategy Long-term wealth creation Education Bachelor of Politics, Philosophy and Economics. CFA Institute Social Media LinkedIn Favorite Investment Quote "It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price." — Warren Buffett

Published March 22, 2021 12:13 pm AEDT

At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is currently up 0.35% to 6,731.5 points.

Here's what is happening on the market today:

Crown share price surges on takeover approach

The Crown Resorts Ltd (ASX: CWN) share price is surging higher today after confirming the receipt of a takeover approach by US investment company Blackstone. According to the release, Blackstone has tabled an unsolicited, non-binding, and indicative proposal to acquire all of the shares in Crown at $11.85 cash per share. This represents a 20.1% premium to its last close price. The Crown board intend to assess the proposal.

ANZ and CBA settle BBSW class action

This morning both Australia and New Zealand Banking GrpLtd (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) announced that they have reached an agreement to settle their US BBSW class actions. ANZ and CBA were among 17 banks and two international brokerage houses that were named in a class action complaint launched in the United States by two US-based investment funds and an individual derivatives trader in 2016. This related to allegations of the rigging of the BBSW and trading in the United States.

Bapcor acquisition

The Bapcor Ltd (ASX: BAP) share price is pushing higher today after announcing an acquisition in Asia. According to the release, Bapcor has agreed to acquire 25% of the issued equity in Tye Soon for S$12.5 million. This is expected to help drive Bapcor's strategy in increasing its presence across Asia, where it sees potential growth opportunities. Tye Soon is a Singapore headquartered automotive parts distributor that operates across Southeast and North Asia markets.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Crown share price by some distance following its takeover approach. The casino and resorts operator's shares are up 17.5% at lunch. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 4% decline. This follows a pullback in iron ore prices on Friday night.

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