Foster’s managing director of its CUB brewing division, Alex Stevens, has resigned due to health problems, the company has announced.
Chief executive Ian Johnston said in a statement he was sorry to hear about Stevens’ health problems, but said the decision to leave was supported.
“In Alex’s short time at Foster’s, a lot has been achieved,” Johnston said.
“The beer, cider and spirits sales team has been separated from wine, the approved strategy is being implemented, the newly renamed CUB business unit has been relaunched, new product initiatives have been accelerated, the supply chain is being enhanced and new support campaigns launched.”
Johnston will act as CUB managing director until further notice.
Nufarm has said it has received an offer from Chinese company Sinochem, with the company lowering its offer to just $12 per share.
Nufarm has since announced a three-day trading halt while it considers the new offer, which is $1 per share cheaper than the original plan. Some investors have announced they are not necessarily happy with the new offer.
“We are disappointed they have reduced it, but we will wait and see what the company recommends,” said Ross Barker, managing director of Nufarm shareholder Australian Foundation Investment Co in a statement. “We like our investment in Nufarm and we are not very keen sellers.”
Shares higher after Wall Street rally
The Australian sharemarket has opened lower today despite positive results in the US, where investors gained confidence due to a number of corporate deals, but stocks have since rallied slightly.
The benchmark S&P/ASX200 index was up 50.77 points or 1.1% to 4685.9 at 12.00 AEST, while the Australian dollar also fell to US88c.
Commonwealth Bank shares have gained 0.5% to $52.39, while NAB also gained 0.8% to $26.22. ANZ lifted 1.9% to $21.35, as Westpac rose 2% to $23.81.
Graincorp has said it expects to earn up to $210 million in the 2010 financial year, with total EBITDA of between $180-210 million.
The company’s malt division will reportedly add up to $120 million to earnings. Managing director Mark Irwin said in a statement that drought conditions had reduced activity in QLD and NSW, but good VIC conditions have helped the company.
“So far the harvest in Victoria, while being slowed by rain, has met our budget expectations,” Irwin said.
“We have not seen a lot of evidence of quality downgrading in Victoria, despite the predictions that the recent rain would significantly downgrade crop quality and reduce receivable tonnage.”
BHP to exit nickel market
As reported in The Age, BHP is now moving towards a New Year sale of nickel assets, with Chinese companies the most likely to purchase with a price between $US3 billion and $US7 billion.
If the company sells its West Australian and Colombian assets, it would see BHP completely exit the nickel market.
Overseas, Wall Street has remained nervous after the Senate passed president Barack Obama’s health care reform bill, which will mark the biggest change in the $US2.5 trillion system since the 1965 introduction of Medicare.
But the Republican Party has rejected the reform, saying it will be too expensive.
“The impact of this vote will long outlive this one frantic, snowy weekend in Washington,” Republican Senate leader Mitch McConnell told reporters. “This legislation will reshape our nation, and Americans have already issued their verdict – they don’t want it.”
In New York, a number of new corporate deals sent stocks upwards. The Dow Jones industrial average rose 85.25 points, or 0.83%, to end at 10,414.14.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
