Latest news with #WashingtonH.SoulPattinson
CNBC
4 days ago
- Business
- CNBC
Stocks of Australia's Soul Patts and Brickworks surge after merger ends 56-year cross-ownership
Stocks of Australian investment firm Washington H. Soul Pattinson, also known as Soul Patts, and its affiliate Brickworks surged after both companies announced a A$14 billion ($9 billion) merger. Shares of Soul Patts traded 13.78% higher, while Brickworks, Australia's largest brickmaker, jumped 22.32% as of 1 p.m. local time. As part of the deal, a new company listed in Sydney will acquire all outstanding shares of Soul Patts and Brickworks. The merged entity is projected to be worth around A$14 billion ($9 billion), with holdings across real estate, private equity, and credit totaling A$13.1 billion. "Merging Soul Patts with Brickworks makes a lot of strategic and financial sense," Soul Patts CEO and Managing Director, Todd Barlow, said in a statement. He added that the deal "simplifies the structure, adds scale, and creates a more investable company." The merger will unwind a 56-year mutual ownership that was designed to fend off hostile takeovers and promote long-term investment strategies. Soul Patts owns 43% of Brickworks, while the brickmaker has a 26% stake in Soul Patts. However, critics argued that it suppressed shareholder value and corporate transparency. Brickworks shareholders are set to receive an implied value of A$30.28 per share, reflecting a 10.1% premium over the stock's closing price last Friday. Pitt Capital Partners is acting as adviser to Soul Pattinson, and Citigroup Global Markets Australia is advising Brickworks. The merger follows several unsuccessful attempts to unwind the cross-shareholding between Soul Patts and Brickworks, including a concerted effort by Perpetual Investment Management and venture capitalist Mark Carnegie between 2012 and 2017, which was dismissed after the Federal Court ruled that the structure was not detrimental to shareholders.
AU Financial Review
4 days ago
- Business
- AU Financial Review
Soul Patts set to merge with Brickworks; $500m raise launched
Investment house Washington H. Soul Pattinson is set to merge with Brickworks, forming a $14 billion ASX-listed behemoth, Street Talk understands. Chairman Robert Millner at the Washington H Soul Patts AGM in 2023. Peter Rae One of the world's biggest proxy advice firms has taken aim at Eagers. But the drive-by misses the point: management's alignment with shareholders is good. Under the deal, Carlyle and Varde has committed to injecting $50 million to $60 million to allow for a full refinancing and to leave Bis with some working capital. See all Washington H Soul Pattinson & Company news
Yahoo
13-04-2025
- Business
- Yahoo
Robert Millner Spends AU$3.4m On Washington H. Soul Pattinson Stock
Those following along with Washington H. Soul Pattinson and Company Limited (ASX:SOL) will no doubt be intrigued by the recent purchase of shares by Robert Millner, Chairman of the Board of the company, who spent a stonking AU$3.4m on stock at an average price of AU$34.48. While that only increased their holding size by 0.6%, it is still a big swing by our standards. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. In fact, the recent purchase by Chairman of the Board Robert Millner was not their only acquisition of Washington H. Soul Pattinson shares this year. Earlier in the year, they paid AU$34.77 per share in a AU$6.9m purchase. So it's clear an insider wanted to buy, at around the current price, which is AU$36.10. Of course they may have changed their mind. But this suggests they are optimistic. While we always like to see insider buying, it's less meaningful if the purchases were made at much lower prices, as the opportunity they saw may have passed. Happily, the Washington H. Soul Pattinson insiders decided to buy shares at close to current prices. While Washington H. Soul Pattinson insiders bought shares during the last year, they didn't sell. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction! View our latest analysis for Washington H. Soul Pattinson Washington H. Soul Pattinson is not the only stock insiders are buying. So take a peek at this free list of under-the-radar companies with insider buying. Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. We usually like to see fairly high levels of insider ownership. It's great to see that Washington H. Soul Pattinson insiders own 5.3% of the company, worth about AU$705m. Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders. The recent insider purchases are heartening. And the longer term insider transactions also give us confidence. Along with the high insider ownership, this analysis suggests that insiders are quite bullish about Washington H. Soul Pattinson. One for the watchlist, at least! While it's good to be aware of what's going on with the insider's ownership and transactions, we make sure to also consider what risks are facing a stock before making any investment decision. For example - Washington H. Soul Pattinson has 1 warning sign we think you should be aware of. But note: Washington H. Soul Pattinson may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
