Stocks of the Hour: Crown, Star, Medibank, Ampol & Viva Energy

Company News

by Michael Luu

Beleaguered casino operator Crown (ASX:CWN) has dealt a blow to Blackstone in the heated bidding war for the $8.8 billion company. The ASX-listed gaming giant has officially turned down the US investment behemoth’s improved buyout deal worth $8.3 billion. On the other hand, Crown has proceeded to assess the unsolicited, conditional, non-binding and indicative merger proposal from its casino rival Star Entertainment Group (ASX:SGR).

Shares in Crown Resorts (ASX:CWN) are trading 1.2 per cent higher at $13.19

Health insurer Medibank (ASX:MPL)’s reshuffle of chief executives will begin today, as Craig Drummond hands over his boss duties to his successor David Koczkar. Mr Drummond’s 6-year stint at the helm of the $8.2 billion firm will officially come to an end on June 30. The transitional period will span one and a half months, during which the outbound executive will assist the new boss in getting acquainted with the new responsibilities.

Shares in Medibank (ASX:MPL) are trading 0.7 per cent higher at $3.00

The Department of Industry, Science, Energy and Resources is set to implement a $2.3 billion stimulus package for the energy sector to rescue Australia’s battered oil refining industry and maintain the country’s self-sufficiency in oil production. The support package will be a lifeline for Australia’s two remaining oil refineries, which are operated by Ampol (ASX:ALD) and Viva Energy (ASX:VEA) in Geelong and Brisbane.

Shares in Ampol  (ASX:ALD) are trading 6.8 per cent higher at $27.68
Shares in Viva Energy (ASX:VEA) are trading 7.5 per cent higher at $2.14