Australian shares experienced a downturn, dragged lower by declines in CSL and WiseTech, while Domino’s Pizza Enterprises surged before a trading halt amidst speculation of a potential buyout by Bain Capital. The proposed deal could value the pizza chain at up to $4 billion. Bain Capital has prior experience with Domino’s, having previously acquired and floated the American parent company.
WiseTech Global, a logistics software company, faced scrutiny as the Australian Federal Police (AFP) and the Australian Securities and Investments Commission (ASIC) raided its offices. The investigation centres on trades made by its founder, Richard White, late last year and early this year. WiseTech provides software solutions for the logistics industry, facilitating the management of goods and information across the supply chain.
Adding to the corporate turbulence, Webjet, an online travel agency, is dealing with allegations from a former legal counsel. The counsel, who abruptly left the company earlier this year, claims that she was dismissed after raising concerns about “irregularities” in the CEO’s resume.
In other news, the Tomago aluminium smelter is in discussions with employees regarding a potential closure, despite a substantial financial support offer from the federal and NSW governments, which was reportedly declined. Elsewhere, Amazon announced plans to reduce its corporate workforce by approximately 10 per cent.
