Business News

Hastings Diversified Utilities Fund (HDF) has released its target statement today rejecting the takeover offer that it has received from rival APA Group in mid-December. The company board is recommending its investors to reject the offer as it undervalues the company.

Nexus Energy (NXS) rejects the talks that it had given up control of its Crux liquefied natural gas (LNG) field after it handed 80 per cent of its ownership to petroleum giant Royal Dutch Shell for no cash cost last Tuesday. Shell, who is now in control to develop and operate the project, intends to pipe gas from Crux to a Prelude floating liquified natural gas vessel in Western Australia's Browse Basin.

Woodside Petroleum (WPL) oil and gas full year production may have fallen 11 per cent compared to the previous corresponding period, but it has exceeded the company's full-year production guidance. The company's 64.6 million barrels of oil equivalent (MMboe) for its full year production had beaten its previous forecast of 62-64 MMboe.

Australian energy firm Santos (STO) has reported a 9 per cent fall in production for the three months to December compared to the previous year but says that its full year production is still within its guidance. Santos produced 11.7 million barrels of oil equivalent (mmboe) in the last quarter of 2011, giving the energy firm a full year production of 47.2 mmboe, 5 per cent down compared to 2010.

Anglo-Australian company BHP Billiton (BHP) expects to exceed its iron ore production guidance of 159 million tonnes after its first half production increased by 23 per cent.

BHP produced 41,072 million tonnes of iron ore in the second quarter, which is four per cent higher than the first three months of the the fiscal year. The iron ore production of the company increased 23 per cent to 80,644 million tonnes for the first half compared to the previous corresponding period.

Australian company Wesfarmers (WES) is expecting a 74 per cent fall in the first half earnings of its insurance division due to the natural disasters that hit Australia.

South African miner Exxaro is on its move to takeover African Iron (AKI) after the ASX-listed company's major shareholder Cape Lambert Resources (CFE) accepted the offer of the bidder.

OM Holdings (OMH) shares slipped 6.17 per cent to 38 cents on early trade today after the manganese miner reported that it is expecting a $12 million loss for the 2011 calendar. The miner blames high Australian dollar and one-off costs for the loss in the previous year.

Linc Energy (LNC) received a speeding ticket from the Australian Securities Exchange (ASX) as its shares soared 25 per cent on Friday amid speculations circulated that the company has found a buyer for its Teresa coal settlement in Queensland. However, the Brisbane-based company denies the speculations and says that it has no explanation for the increase in its share price.

Leighton Holdings (LEI) shares jumped as high as 4 per cent or 82 cents to $21.35 in trading this morning after the Australian contractor upgrades its profit guidance for the first half. This is a result from the improved earnings that its Australian and Asian operations incurred.