ASX opens higher, Sigma lobs rival bid for API

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The ASX200 was trading slightly higher this morning, up 0.2%, or 16.6 points to 7359.2. Follow our live markets coverage markets ASX200

Pharmacy powerhouses Sigma and API have pulled the trigger on a long-mooted merger of the two businesses, with investors told this morning that Sigma had lobbed a new takeover bid for the Priceline operator.

“The board notes that there is no certainty that the engagement between API and Sigma will result in a change of control transaction or an offer capable of acceptance by API shareholders,” API said. Current chief executive, John Penno, told investors this morning the dual-listed business has appointed current Miraka CEO and former Fonterra executive Grant Watson as Synlait’s new chief, in hopes he will be able to turn the struggling company around.

In statements that were the most extreme and unequivocal so far, authorities on September 24 said crypto transactions in China are banned and they will root out mining of digital assets. Almost immediately, the popular offshore exchange Huobi stopped allowing new users to register with a mainland China phone number and in a statement Sunday said it would “gradually retire existing mainland China user accounts” by December 31.

China’s top economic-planning agency asked local officials to investigate abnormal power usage, call in loans and eliminate preferential tax treatment to speed the shutdown of mining operations.

 

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