Stocks of the Hour: Sydney Airport, Wesfarmers & NIB

Company News

by Lauren Evans

Sydney Airport (ASX:SYD) has entered into a scheme implementation deed with Sydney Aviation Alliance after the national airline agreed to the deal. After weeks of negotiations and due diligence, the consortium will acquire all shares in Sydney Airport for $8.75 per share. Shares in Sydney Airport (ASX:SYD) are trading 2.8 per cent higher at $8.46.

Wesfarmers (ASX:WES) has entered into a scheme implementation deed with Australian Pharmaceutical Industries (ASX:API) following the completion of due diligence in September. Wesfarmers currently owns a 19.3 per cent stake in API and is set to acquire the remaining shares for $1.55 per share. Shares in Wesfarmers (ASX:WES) are trading 0.4 per cent lower at $60.09. 

NIB's subsidary Nib New Zealand has agreed to acquire 100 per cent of shares in Kiwi Insurance for $43 million. Nib NZ will also enter an exclusive relationship with Kiwibank, which will see the bank refer its retail customers to nib for their insurance needs. Shares in NIB Holdings (ASX:NHF) are trading 0.2 per cent lower at $7.29.

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