Speculation is growing that Seven Network Ltd
(ASX:SEV) boss Kerry Stokes, could be about to launch a full takeover bid for James Packer’s Consolidated Media Holdings.
Last week it was revealed that Mr Stokes had spent over $234 million to increase his stake in ConsMedia from 4.8 per cent to18.3 per cent.
Mr Packer fought back, raising his stake from 37.9 per cent to 39.3 per cent.
Consolidated Media Holdings owns a 25 per cent stake in Pay TV provider Foxtel, 50 per cent of pay TV channel producer Premier Media Group, a 26.7 per cent stake in online job ads company Seek.
In an article in The Australian Financial Review, the paper quotes an institutional shareholder saying that Mr Packer will not let go of his media assets easily or at a discount, so Mr Stokes may have to pay a hefty price if he wants to increase his stake to 100 per cent.
Seven Network’s 2007 net profit was definitely the company’s stand out result in the last five years, posting $1.56 billion.
Energy exploration company Karoon Gas Australia Ltd (ASX:KAR) CEO Robert Hosking has told ABC TV that the company’s project in the Browse Basin is comparable to Woodside Petroleum’s North West Shelf discovery.
The Australian Associated Press reports Mr Hosking saying that although it is too early to confirm the full potential of the project, early finds appear to be very bullish.
AAP says ConocoPhillips CEO, Jim Mulva, Karoon’s joint venture partner in the project, says that there is at least 16-20 trillion cubic feet of gas at the site.
AAP reports Mr Hosking however says Karoon may have reserves of over 1 billion barrels of oil equivalent in six to eight months.
Karoon Gas Australia has posted net losses over the last five years.
Qantas Airways’ Ltd (ASX:QAN) budget offshoot, Jetstar says that it is starting to see signs of a recovery in the Japanese travel market, with the airline saying it believes the worst of the swine flu has passed.
According to a report in the Australian, the airline is expects a significant reduction in the amount of cuts it has to make to services in August and is hopeful it will return to normal schedules as confidence returns to the market.
The paper quotes spokesman Simon Westaway saying it looks like the worst is over in terms of customer sentiment from the Japanese consumer and the Australian market.
Mr Westaway says Jetstar is running a full schedule out of cairns and the Gold Coast, with one or two flights a week triangulated through to cairns and on to Japan, with the company continuing to monitor the situation.
Qantas’ 2008 net profit was close to $1 billion.
