News Headline Summary

Pre-market Australian stock news...

GrainCorp (GNC AT)
- Opposition from farmers to the USD 3bln takeover of the Co. by ADM is gathering strength as farmers from the NSW Farmers organization in Sydney yesterday called on Treasurer Bowen to block the sale using his powers under the Foreign Acquisitions and Takeovers Act. (The Australian)

Aurizon (AZJ AT)
- Co. will cut its workforce and review its real estate holdings as part of a plan to find savings of USD 230mln over the next two years. (The Australian)

FKP Property Group (FKP AT)
- Co. CEO Geoff Grady said the Co. will continue to explore options for a demerger of its retirement business and also confirmed it is considering a name change. (The Australian)

Billabong (BBG AT)
- Co. senior debt holders are believed to have threatened to pull the company under unless it signed a deal that would involve a USD 40mln upfront payment. US hedge funds Oaktree Capital Management and Centerbridge Partners, which bought a portion of Billabong's debt from its senior lenders for a 10% discount in the past month, put their competing proposal to the company on Thursday.

ResMed (RMD AT)
- Co. succeeds in patent fight against Apex, which resulted in Apex devices-masks to be removed from sale in US. (Newswires)

Whitehaven Coal (WHC AT)
- Co. says it started court proceedings on Maules Creek and says that legal action won't stop it from constructing the mine. (Newswires)

Telstra (TLS AT)
- Co. is accelerating the construction of its 4G mobile network with plans to reach 85 per cent of Australians by Christmas 2013. (AFR)

Broker Moves
- Woolworths (WOW AT) cut to hold at Deutsche Bank.
- Sandfire Resources (SFR AT) cut to neutral at CIMB.
- G8 Education (GEM AT) raised to to buy at Citi.
- Super Retail Group (SUL AT) rated new overweight at JPMorgan.
- Ardent Leisure Group (AAD AT) cut to neutral at JPMorgan.

Print 22:15, 18 Jul 2013 - Asian News - Source: Newswires/The Australian/Australian Financial Review/Sydney Morning Herald