What matters this week: Myer, Westfield, RFG, Transurban and more
Swings and roundabouts this week.
It took a retailer to drag down the Christmas mood. Myer shares (-15% for the week) have slumped to a post-IPO low after the retailer warned that 1H profit would come in materially below a year ago levels. It seems as though the first two weeks of December have not been rosy. And a retail shopping centre owner to boost the mood. Westfield (+12%) agreed to a $33 billion takeover offer from shopping centre giant Unibail-Rodamco SE.
Retail Food Group has responded to media reports concerning the company, its business and those of its franchisees. RFG said the coverage did not accurately reflect the strong platform for growth it has established to assure a sustainable long-term future for its business and franchisees, as well as other stakeholders. The market wasn't impressed: -32%.
Toll road operator Transurban will launch a $1.9 billion capital raising to help fund its share of a tunnel project in Melbourne. Work on the project began this week and is scheduled to finish in 2022. Still in Melbourne, international insurance giant Zurich has announced an agreement to buy ANZ’s life and consumer credit insurance business OnePath Life for $2.85 billion.