News Headline Summary

Pre-market Australian stock news…

Rio Tinto
- Suspends iron ore ship loading operations on closure of Dampier and Cape Lambert ports due to Cyclone Narelle.

Billabong
- Co. has been forced to offer generous redundancy provisions to a number of new appointments concerned about their tenure under a possible takeover.

Karoon Gas
- Co. ranks among Australia's top takeover targets this year on prospect of new oil and gas discoveries off Western Australia and Brazil.

Lynas
- Co. peer Molycorp have cut their sales forecast after missing rare-earth output target.

News Corp
- Billion USD industry fund First Super said it would be instructing its fund managers to sell shares in the Co. in an orderly manner over the next few months after the defeat of proposals made at last year's News Corp annual meeting for a more independent board.

Macmahon
- Singapore based Sembawang Engineers and Construction has raised its offer for the Co.'s construction business by more than 50%, upping the pressure on the Co.'s board to dump a rival deal with Leighton Holdings.

BHP Billiton
- London listed shares were downgraded to under perform from neutral at Bank of America.

News Corp
- US listed shares upgraded to outperform from market perform at Bernstein.

10 Jan 2013 - 22:40 - - Source: Newswires/AFR/The Australian

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