China Mengniu Dairy Co unveiled a plan to buy infant formula maker Bellamy's Australia Ltd for A$1.43 billion ($983 million), a lifeline for a target beset by regulatory problems that sent its shares soaring.
SYDNEY Australia's Westpac Banking Corp has been served a class action lawsuit accusing it of charging thousands of pension fund customers for services they never received, joining a parade of big-ticket litigation arising from a major inquiry into the financial sector.
Sept 5 Australian department store operator Myer
Holdings Ltd swung back to an annual profit on Thursday
as a turnaround strategy of ditching low-margin brands and
cutting floorspace put the struggling retailer back on track.
SYDNEY Australian businessman James Packer has frozen a A$1.2 billion ($810.48 million) partial sale of his casino company to Hong Kong's Melco Resorts & Entertainment pending an investigation into alleged criminal activity at its Australian operations.
* Investors hoped for quicker turnaround - portfolio manager
(Adds details, CEO comment, and updates share movement)
Australian retail conglomerate Wesfarmers Ltd posted the slowest earnings growth in six years in its hardware unit but still met forecasts for overall annual profit, raising hopes it can withstand a spending slump thanks to diversification.
* Boral underlying net profit A$440.1 mln vs forecast A$476
SYDNEY An Australian regulator filed a lawsuit on Friday against No. 3 lender National Australia Bank Ltd accusing it of taking loan applications from unlicensed "introducers", the first lawsuit stemming directly from a finance sector inquiry.
* Shares up 4%
(Recasts with plastic toy promotion; adds CEO comments)
SYDNEY Australian casino giant Crown Resorts Ltd said on Wednesday its annual profit fell on less gambling by Chinese tourists, and it again denied media reports alleging the company flouted visa rules that have triggered three regulatory probes.