Stocks of the Hour: Sydney Airport, Woodside, Spark Infrastructure & Seven Group

The nation’s largest airline hub Sydney Airport (ASX:SYD) has rejected the $22 billion takeover bid from a consortium of infrastructure investors. The Sydney airport board said it was “not in the best interests of securityholders” and believes the bid is “opportunistic” with the offer below the company’s share price before the pandemic. Shares in Sydney Airport (ASX:SYD) are trading 0.3 per cent lower at $7.78.

Oil and gas giant Woodside Petroleum (ASX:WPL) reports a 15 per cent surge in sales revenue from the first quarter of 2021 of $1.285 billion, despite its production falling 4 per cent, thanks to a recovery in oil prices. The nation’s leading gas producer also said it had begun the sell-down process of up to 49 per cent of their equity in the $11.4 billion Pluto liquefied natural gas plant. Shares in Woodside Petroleum (ASX:WPL) are trading 1.2 per cent lower at $22.92.

Electrical investment manager Spark Infrastructure (ASX:SKI) has rejected a $5 billion takeover bid by private equity giant KKR and superannuation manager Ontario Teachers’ Pension Plan Board. The energy infrastructure business was tapped on the shoulder twice by the power-duo with two different proposals. Each bid was rejected by Spark with due diligence denied as the board concluded that the bids undervalued the company. Shares in Spark Infrastructure Group (ASX:SKI) are trading 7.1 per cent higher at $2.66.

Kerry Stokes’ conglomerate Seven Group Holdings (ASX:SVW) has now hit 52.7 per cent in Boral (ASX:BLD) with an automatic two-week extension offering $7.40 per share for the building products company. They also confirmed that they will support a proposal that retains a majority of independent directors on the Boral board. Shares in Seven Group Holdings (ASX:SVW) are trading 1.9 per cent higher at $23.28.

Copyright 2021 – Finance News Network

Source: Finance News Network