The S&P/ASX 200 Index (ASX: XJO) has started the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.65% to 7,746.1 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway Waste Management share price is up 1.5% to $2.73. This follows news that the waste management company has agreed to acquire the waste and recycling business and assets of Citywide Service Solutions, Citywide Waste, for a total consideration of $110 million. Citywide Waste provides waste management services to approximately 1,500 municipal, commercial, and industrial customers in Melbourne. This includes Melbourne City Council. It generated EBITDA of $10.7 million and EBIT of $6.4 million in the twelve-month period ending February 2024.
IGO Ltd (ASX: IGO)
The IGO share price is up 2.5% to $5.71. This is despite South32 Ltd (ASX: S32) taking legal action claiming to be entitled to royalty payments from the Tropicana Gold Mine in Western Australia. IGO continues to deny that it has any liability to South32 on the basis that the pre-conditions to any entitlement to be paid a royalty have not been satisfied. This gain could have been driven by a broad rebound in the battery materials space on Monday.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is up 17% to 75.5 cents. This has been driven by news that the department store operator is wanting to merge with the apparel brands of Premier Investments Limited (ASX: PMV). This comprises the Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti brands. The combination would see the department store acquire Premier's apparel brands business in exchange for the issue of new Myer shares. Premier Investments' chair, Solomon Lew, has indicated that he would be prepared to take an active role as a non-executive director of Myer if the transaction proceeds.
Premier Investments
The Premier Investments share price is up 3.5% to $30.98. Investors also appear to believe that the aforementioned apparel brands merger with Myer would unlock value for Premier Investments shareholders. The company said: "The proposed combination has the potential to deliver a step change in Myer's scale and market position, deliver synergies and drive sustainable earnings growth. Premier shareholders would benefit given Premier's existing shareholding in Myer and because Premier shareholders would become shareholders in Myer." However, it has warned that there is no certainty that the proposal will result in a binding offer or transaction.
