In today’s briefing:
- Warrego (WGO AU): Strike Energy (STX AU) Strikes with a Revised Offer
- The Commodity Report #82
Warrego (WGO AU): Strike Energy (STX AU) Strikes with a Revised Offer
- Strike Energy (STX AU)’s revised off-market takeover is 1 STX share per Warrego Energy (WGO AU) share, a 29.0% premium to its previous offer and a 21.4% premium to Hancock’s offer.
- Hancock has the war chest to comfortably outbid STX. However, the smart move for Hancock is to be disciplined on price and instead bid for the combined STX/WGO post-completion.
- The Board’s view will be sent in Target’s statement to be despatched by 29 December. At the last close, the gross spread to STX’s offer is 6.3%.
The Commodity Report #82
- Commodities will be the best-performing asset class once again in 2023, handing investors returns of more than 40%, according to Goldman Sachs.
- The Wall Street bank said that while the first quarter may be “bumpy” due to economic weakness in the US and China, scarcities of raw materials from oil to natural gas and metals will boost prices after that.
- The bank forecasts that Brent crude will climb to $105 a barrel in the final quarter of 2023, up from $82 today.
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