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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Macquarie lobs an eleven point six billion dollar bid for

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Speaker 1: logistics group Cube, as BHP has its second tilted Anglo

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Speaker 1: American rejected. Federal Parliament is back for the final sitting

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Speaker 1: week of the year, and it's all about energy policy

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Speaker 1: and a gold trimmed pocket watch that went down with

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Speaker 1: the Titanic sells for a record price. Plus US Ambassador

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Speaker 1: Kevin Rudd kopsa spray for the government's new content rules

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Speaker 1: for streaming services, and the drone shields sell off gets sinister.

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Speaker 1: It is Tuesday, the twenty fifth of November twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Nothing like a sinister story on fear and greed, Michael.

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Speaker 1: From the Titanic to a sinister story. Got a bit

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Speaker 1: of everything today, Sean. The main story this morning, though,

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Speaker 1: Macquari Asset Management has made an eleven point six billion

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Speaker 1: dollar bid.

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Speaker 3: For logistics Group Cube.

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Speaker 1: Sending it share price up nineteen percent yesterday. Meanwhile, briefly

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Speaker 1: yesterday it looked like BHP was returning with a new

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Speaker 1: bid for Anglo American, though that did fizzle rather quickly.

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Speaker 2: I was a very exciting few hours yesterday morning. The

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Speaker 2: deal that is up and running is between mcquarie and

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Speaker 2: Cube now CUB is spelt q UB. The five dollars

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Speaker 2: twenty a share in dickidve Offfer is about a twenty

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Speaker 2: eight percent premium to Cube's share price on Friday it's

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Speaker 2: closing price on Friday. It does follow an earlier unsolicited

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Speaker 2: bid from mcquarie. They now have. This is mcquarrey Accident

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Speaker 2: Management now has exclusivity around a due diligence. They'll have

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Speaker 2: that access until February one. Cube is the country's largest

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Speaker 2: logistics group, operating across Australia, in New Zealand and Asia.

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Speaker 2: It also has a fifty percent share of Patrick's Container Terminals.

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Speaker 2: Basically shifts stuff around the place, from grain and oil

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Speaker 2: seeds to cars, forestry. It has about one hundred and

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Speaker 2: fifty rail services per week across Australia. Engineering services, crane

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Speaker 2: high heavy haulage services. It's got an energy division. All

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Speaker 2: that stuff you don't think a lot about, but you

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Speaker 2: need it. Logistics all important. For its part, mcquarie is

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Speaker 2: becoming a major player in logistics in this country as well.

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Speaker 2: As offshore. In fact, it's nice to see an investment

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Speaker 2: in logistics, particularly from McQuary, rather than data centers, AI

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Speaker 2: all that sort of stuff.

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Speaker 1: Yeah, it feels very old school, very practical, doesn't it.

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Speaker 1: I love the fact that you described it so simply

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Speaker 1: as it shifts stuff around, which.

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Speaker 2: At its nub that's what it does, is ub at

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Speaker 2: its hub, That's what it does a nice.

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Speaker 3: At its logistics hub. Oh, well done.

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Speaker 1: That was glorious. If only you thought of it before

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Speaker 1: you said NUB. Now onto VHP Sean And this was

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Speaker 1: exciting yesterday morning, and it was kind of.

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Speaker 3: Sad that it did fizzle out.

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Speaker 1: It was a couple of hours it sounded like BHP

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Speaker 1: was made making another bid for Anglo American, the mining

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Speaker 1: company that actually rebuffed the big Australian seventy five billion

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Speaker 1: dollar offer last year.

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Speaker 3: Sadly it was not to be.

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Speaker 2: It was, but it was almost so. Bloomberg reported that

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Speaker 2: the bid might be back on now. Ahead of the

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Speaker 2: market opening yesterday, BHP put out a statement saying, I quote,

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Speaker 2: following preliminary discussions with the board of Anglo American, BHP

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Speaker 2: confirms that it is no longer considering a combination of

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Speaker 2: the two companies right between the lines. That means they

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Speaker 2: kind of were considering it, but Anglo American weren't interested.

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Speaker 2: Now under British takeover laws, BHP's statement legally prevents it

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Speaker 2: from mounting an offer for Anglo. Over the next six months.

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Speaker 2: Anglo shareholders, of course, a due devate on a deal

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Speaker 2: with a Canadian miner called Tech Resources on December nine.

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Speaker 2: Under that deal, those two Anglo and tech will come

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Speaker 2: together very much focused on copper mining in that in

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Speaker 2: that particular deal. That's all the formal stuff. What does

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Speaker 2: this actually say about BHP? What's a second rejected bid

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Speaker 2: say about BHP? It shows it once coper assets.

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Speaker 1: Yeah.

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Speaker 2: Still, I think it is the world's biggest copper minor BHP,

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Speaker 2: but it wants more. It shows how much Anglo doesn't

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Speaker 2: want to work with BHP. Hard not to take that personally,

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Speaker 2: wouldn't it exactly? It also shows a BHP is acquisitive

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Speaker 2: should the right deal come up. Thus far, it looks

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Speaker 2: from AFAR that is being very disciplined about how much

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Speaker 2: we'll spend, but it definitely is aquisitive.

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Speaker 3: Yeah.

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Speaker 1: Well, and the other thing, broadly, I think that we

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Speaker 1: can take from both this and the Cube deal is

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Speaker 1: that it suggests M and A activity is certainly picking up.

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Speaker 2: It's getting busier. I mean, there have been plenty of

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Speaker 2: deals in resources, particularly in the gold docks. There's also

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Speaker 2: been a few failed ones, most notably ad NOx bid

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Speaker 2: for Santos, but so far outside resources it's been relatively quiet.

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Speaker 2: Maybe that's changing. Like apart from QB yesterday and consort

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Speaker 2: him led by Genesis Capital and Soul Pats made of

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Speaker 2: bid for monash IVF. That's Senate's share price up forty percent.

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Speaker 2: They were just about to see a bit of action.

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Speaker 1: Michael, Oh, very exciting and hopefully it doesn't all just

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Speaker 1: fizzle out like yesterday mornings did.

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Speaker 3: Hopefully it all just goes all the way. Sean.

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Speaker 1: The ASX yesterday, I would say, is a cracker of

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Speaker 1: a day.

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Speaker 3: Is that a technical term?

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Speaker 2: Now, it's definitely a technical term. One point three percent, Yeah,

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Speaker 2: I think that's a cracker of a day.

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Speaker 3: That's a cracker.

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Speaker 1: Anything north of one point two percent is officially because

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Speaker 1: that came good.

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Speaker 2: Five and twenty five points was the close widespread rally.

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Speaker 2: So the industrial's, tech, property, healthcare, and utilities sub indicies

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Speaker 2: were all up two percent or more. Only the Energy

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Speaker 2: index went backwards, followed a surgeon Wall Street over the

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Speaker 2: weekend on hopes that the US feder will cut interest

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Speaker 2: rates again. Notwithstanding the surge yesterday, the AX two hundred

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Speaker 2: is still off about six percent from its peak of

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Speaker 2: early last month. Among the large caps, yesterday, Westpac, cs L,

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Speaker 2: Goodman Urban and Promedicus did best. Now that's an eclectic group,

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Speaker 2: isn't it. Let's x CSL, Goodman, Transurban, and Promedicus all

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Speaker 2: over two percent. Woodside Energy, Sigma Healthcare and McQuary were

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Speaker 2: among the worst. Another eclctic group. The best of the

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Speaker 2: top two hundred was plumbing supplies group Rees closed, up

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Speaker 2: thirteen percent. That's been hammered well ever since its last results.

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Speaker 2: Actually good to see it bouncing somewhat.

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Speaker 1: Yeah, indeed. Lithium prices, though, on the other hand, have

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Speaker 1: slumped over the past few days on reports that the

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Speaker 1: Chinese battery giant Coatl or Contemporary Amperrex Technology Limited is

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Speaker 1: about to reopen a major mind Sean.

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Speaker 2: After reports of the mine reopening, lithium prices, which had

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Speaker 2: been rising in recent weeks and months, tumbled nine percent.

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Speaker 2: That sent the local lithium miners lower, Line Town, Pilbrim Minerals,

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Speaker 2: Mineral Resources were among the worst performers on the ASEX

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Speaker 2: two hundred yesterday. Very fickle sector at the moment. So

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Speaker 2: last week Linetown Resources sold ten thousand tons of spot

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Speaker 2: of Maine concentrate for a pretty good price. It was

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Speaker 2: twelve fifty four usls a ton, first ever digital action,

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Speaker 2: double the price spot a Main traded in June. It

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Speaker 2: helped Line Town's share price jump and in fact it

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Speaker 2: was up more than fifty percent in three weeks. Yesterday

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Speaker 2: it was dumped.

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Speaker 1: Who knows, Yeah, yeah, And this mine, the one in China,

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Speaker 1: the col COTL mind, that is a huge, huge mine,

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Speaker 1: and we've talked about it in the past that this

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Speaker 1: is the one where they had traders flying over it

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Speaker 1: in with drones just to see if there were any

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Speaker 1: signs of activity, and it helped cause great volatility in

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Speaker 1: the lithium prices because o were interpreting any sign of

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Speaker 1: movement or any sign of activity as indications that it

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Speaker 1: might be about to open. And can we just agree

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Speaker 1: that from now on we'll just call it COTL so

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Speaker 1: that we don't have to keep saying contemporary emperex Technology Limited.

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Speaker 2: Sure, no one knows what either of the mars, so

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Speaker 2: it's fine.

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Speaker 3: That's fine. Well we agree from here.

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Speaker 1: Sean coming up after the show. It's still got plenty

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Speaker 1: of to go before we get there, but fear and Greed,

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Speaker 1: Q and A. You're talking to morning stars Lachlan Halloway today.

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Speaker 2: It's all about how to invest in the current market,

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Speaker 2: and I think the key message is diversification. But he

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Speaker 2: also gives us a couple of stocks, which, as he

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Speaker 2: put it, were ASEX one hundred stocks who are no

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Speaker 2: longer a SX one hundred stocks because of them be

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Speaker 2: sold off big time, and he just kind of tells

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Speaker 2: us why we should think about investing in them.

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Speaker 3: Yeah.

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Speaker 1: Yeah, it's a great chat. It's always a great chat

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Speaker 1: talking to Lachland. It's coming up after the show. Stick

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Speaker 1: around though, we'll be back in a moment with the

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Speaker 1: rest of the day's business news.

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Speaker 3: Sean.

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Speaker 1: Federal Parliament is back in session for the final week

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Speaker 1: of the year. It's final week. It's not the final

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Speaker 1: week of the year.

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Speaker 2: Well it is if you're a political junkie.

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Speaker 1: Yeah, if you're a POLYPHO comes about Christmas, Yeah, nobody

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Speaker 1: cares and the coalition attacked the government on energy prices,

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Speaker 1: calling Chris Bowen a part time energy minister.

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Speaker 3: I quite like that line.

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Speaker 2: I do too. It's because Bowen will also spend the

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Speaker 2: next year running negotiations for COP thirty one that's going

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Speaker 2: to be held in Turkey. He will be the chief negotiator.

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Speaker 2: The government's argument and question time yesterday was that Bowen

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Speaker 2: having the main seat at the table and the shift

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Speaker 2: and that zero globally was a great opportunity for Australia.

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Speaker 2: The opposition's line of tack was he'll be missing in action.

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Speaker 2: The opposition also took the government to task over when

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Speaker 2: electricity prices will fall by two hundred and seventy five

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Speaker 2: dollars as promised to head of the last election treasure

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Speaker 2: Jim Chalmers said the Agent grid was preventing cheaper energy prices.

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Speaker 2: I think what we can gain from all this energy,

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Speaker 2: without a doubt, will be the main issue this week,

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Speaker 2: particularly because the government is attempting to pass its environmental

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Speaker 2: reform package. Also yesterday, Michael I guess in Parliament was

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Speaker 2: Chinese number three leader. Now I have I get the

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Speaker 2: pronunciation right, Zau Liji, And what I thought was fascinating there, Michael.

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Speaker 2: In fact, you talked about it in the Afternoon Report yesterday.

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Speaker 2: Was the shutdown in communications while he was there?

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Speaker 1: Yeah, yep, any non essential Internet connected devices. So this

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Speaker 1: was kind of phones, laptops, tablets, anything had to be

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Speaker 1: switched off and if you needed something to stay on,

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Speaker 1: you basically had to have it in kind of flight

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Speaker 1: mode really, which is just extraordinary that that is how

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Speaker 1: concerned they are about the potential for cyber attack or

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Speaker 1: a cyber breach, which is quite remarkable.

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Speaker 2: Yeah, totally.

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Speaker 1: While we are talking politics in the Senate, One Nation's

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Speaker 1: Paula en Hanson caused a bit of an uproar after

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Speaker 1: wearing a burker into the chamber. This feels like a

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Speaker 1: story from about twenty years ago.

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Speaker 2: Well, she did it about twenty seven eight? Was it

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Speaker 2: she did about eight years ago? I think? Okay. She

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Speaker 2: wore the head covering minutes after she was denied leave

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Speaker 2: by the government to table or bill to have burks

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Speaker 2: and full face coverings band in Australia. It's the policy

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Speaker 2: she's been pushing for a while. She was rebuked by

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Speaker 2: Labour Senate leader Penny Wong by Coalition Senate leader Ann

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Speaker 2: rustin other members of the cross Bench A stunt, not

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Speaker 2: a good one.

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Speaker 1: Now, Australia's Ambassador to the United States, Kevin Rudd, has

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Speaker 1: copped a blast. It's copped a few, now, hasn't he.

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Speaker 2: A few in his time? Kevin right, so that maybe

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Speaker 2: copying one's not bad.

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Speaker 3: That's true.

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Speaker 1: Remember how we described the Chinese people, the Chinese diplomats

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Speaker 1: on that tape that was recorded without him knowing anyway,

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Speaker 1: He's copped a blast from Donald Trump's trades? Are Jamison

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Speaker 1: Greer over the Albanese government's proposed new content obligations for

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Speaker 1: streaming services that have angered US owned platforms just a

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Speaker 1: little bit.

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Speaker 2: Greer vented over the planned new laws during a closed

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Speaker 2: door meeting with Rudd in Washington late last week. According

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Speaker 2: to The Australian, the new laws, unveiled earlier this month,

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Speaker 2: will require streaming platforms with at least one million local subscribers,

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Speaker 2: so I think Netflix on Prime Video, Disney Plus to

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Speaker 2: spend ten percent of their local expenditure or seven and

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Speaker 2: a half percent of their domestic revenue on Australian mate programming.

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Speaker 2: The moves designed to align international streamers with requirements faced

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Speaker 2: by free toware networks which have been long subject to

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Speaker 2: local content obligations. I don't think it's a bad policy

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Speaker 2: at all.

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Speaker 1: No, the Drone Shield story, Sean has taken a slightly

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Speaker 1: sinister turn. You mentioned this at the top of the show,

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Speaker 1: with CEO Oleg Vaughnick telling investors who was justified in

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Speaker 1: selling his entire fifty million dollars stake in the defense

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Speaker 1: technology business in part because the role carried a significant

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Speaker 1: risk to his life.

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Speaker 2: Fornick Drone Shield chairman Peter James and another director offloaded

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Speaker 2: seventy million dollars worth of shares with little explanation earlier

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Speaker 2: this month, triggered a huge slide in the defense company's

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Speaker 2: share price. Now what it was due to meet shareholders yesterday,

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Speaker 2: but he had spoken to a number privately, according to

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Speaker 2: the Finn Review, and explained his decision to sell. He said,

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Speaker 2: apart from the personal risk, he also the stock represented

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Speaker 2: a shareholder approved bonus to him. He's told investors that

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Speaker 2: he and others at Drone Shield had worked hard to

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Speaker 2: increase revenues from fifty million to two one hundred million,

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Speaker 2: with shareholders approving the granting of stock. Now Varnick almost

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Speaker 2: immediately sold the shares once they vested this month. He's

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Speaker 2: previously spoken about being sanctioned by Moscow after Drone Shields

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Speaker 2: sold counter drone technology to Ukraine's military. He's told investors

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Speaker 2: that he has taken substantial personal risks now. Yesterday, Drones

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Speaker 2: shield said it would ask two of its independent directors

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Speaker 2: to review the share sales and whether they've been in

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Speaker 2: line with the company's security training policies.

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Speaker 1: Turn into international news now Sean, US and Ukrainian negotiators

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Speaker 1: have agreed to a quote updated and refined peace framework

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Speaker 1: and planned to continue intensive work on a peace plan

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Speaker 1: over the coming days.

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Speaker 2: A joint statement said talks on a US backed plan

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Speaker 2: in Geneva had been highly productive. That is good news.

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Speaker 2: US Secretary of State Marco Rubio said there had been

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Speaker 2: a tremendous amount of progress on honing the original plan,

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Speaker 2: which had been cautiously welcomed by Russia but not by

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Speaker 2: leaders in Kiev and Europe. They thought it was too

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Speaker 2: favorable to the Kremlin. Rubio said there is still some

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Speaker 2: work to be done, while Ukrainian President Vladimir Zelenski said

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Speaker 2: there were signals that President Trump's team is hearing US

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Speaker 2: what I wonder about these stories, Michael. The negotiations. Now

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Speaker 2: it's between the US and Kiev. Previously it was US

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Speaker 2: and Russia ice to get Russia and Kiev somewhere around

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Speaker 2: the same kind of even if not a negotiating table,

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Speaker 2: just like a direct phone line or something or other.

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Speaker 1: Yes, yeah, yeah, it's funny that the impact of direct

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Speaker 1: communications right can.

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Speaker 3: Be quite profound.

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Speaker 1: Finally, Sean a gold trimmed pocket watch worn by a

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Speaker 1: famous passenger on the Titanic. And this is the part

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Speaker 1: that I find remarkable. This watch stopped to at two

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Speaker 1: twenty am on the day that the vessel sank. It

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Speaker 1: has been sold at auction for two point three million

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Speaker 1: US dollars.

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Speaker 2: It's wealthy owner Isadore Strauss, was co owner of Macy's

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Speaker 2: department store franchise. He was traveling first class on the

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Speaker 2: Titanic with his wife Ida. Ida famously refused to get

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Speaker 2: into a lifeboat without her husband. The two perished in

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Speaker 2: April fifteen, nineteen twelve, having last been seen arm in

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Speaker 2: arm on the deck. In fact, the Titanic movie where

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Speaker 2: you saw the couple in bed, the older couple in

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Speaker 2: bed holding onto each other as we went down apparently

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Speaker 2: was based on the STRAUSSS. Mister Strausser's remains were found

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Speaker 2: at Sea of Fortnite after the Titanic went down. Missus

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Speaker 2: Strauser's remains were never recovered. According to The New York Times,

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Speaker 2: the sale was a record for a piece of Titanic

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Speaker 2: memorabilia sold by auction house Henry Aldridge and Son. The

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Speaker 2: house also sold a pocket watch late last year one

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Speaker 2: point nine million dollars. In fact, Henry Aldridge and Son

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Speaker 2: have sold quite a few valuable eye items of Titanic memorabilia. Recently.

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Speaker 2: It's sold another pocket watch for one point four six

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Speaker 2: million dollars, a violin played on the ship for one

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Speaker 2: point three million dollars, a letter from a passenger for

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Speaker 2: one hundred and twenty thousand dollars. But this is my

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Speaker 2: favorite simply because the two Strauss's Isidore and Ida went

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Speaker 2: down together.

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Speaker 1: Yeah, yeah, yes, the story behind it isn't it now?

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Speaker 1: Up next is Fear and Greed Q and A Morning Stars.

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Speaker 1: Lachlan Halloway is your guest today, Sean. It's coming up

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Speaker 1: in the Fear and Greed playlist on your podcast platform

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Speaker 1: or at Fearandgreed dot com. Todau, which is where you

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Speaker 1: sign up for the free daily newsletter that comes out

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Speaker 1: every morning by six am. I'll put a link in

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Speaker 1: the show notes today as well to make it really

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Speaker 1: really easy to find. Thank you very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It's Tuesday, the twenty fifth of November twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and now it's Fear and Greed.

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Speaker 3: Have a great day.