Stocks of the Hour: Seven West Media, Sydney Airport, Cleanaway Waste Management

Company News

by Melissa Darmawan

The competition watchdog has given its approval across several merger proposals today.

Starting with media giant Seven West Media (ASX:SWM). The ACCC has given its nod of approval for Seven West to buy Prime Media (ASX:PRT) valued at $132 million. The regulator said that since the two media giants were not rivals in the advertising and media content space, other competitors will constrain the merged entity. Shares in Seven West Media (ASX:SWM) are trading 4.0 per cent lower at $0.61, while shares in Prime Media Group (ASX:PRT) are trading 1.2 per cent higher at $0.43.

The competition watchdog has no issue with Sydney Aviation Alliance’s $23.6 billion deal to buy Sydney Airport (ASX:SYD). Sydney Aviation Alliance is a consortium of asset managers which comprises the likes of AustralianSuper, QSuper players, who already have its paws in other airport assets. The regulator said that there was very little competition between the airports. Shares in Sydney Airport (ASX:SYD) are trading 2.8 per cent higher at $8.59.

Meanwhile, the competition watchdog has given its nod of approval around Cleanaway Waste Management’s (ASX:CWY) $501 million proposal to buy parts of Suez waste assets in Australia. Cleanaway will buy two landfill sites and five transfer stations in Sydney from Suez. Shares in Cleanaway Waste Management (ASX:CWY) are trading flat at $2.94.

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