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Incitec Pivot’s plan to separate its fertiliser and explosives businesses has looked difficult for some time. Last month, Christine Corbett left her role as chief executive designate of the division, in another sign that Incitec’s proposed split could be falling apart. Jeanne Johns, the company’s chief executive who helped drive the demerger strategy, is also gone.

That’s why it is no surprise that a cashed-up offshore investor could be preparing to intervene. Sources told Street Talk this week at least one Asian state-owned enterprise had eyes on Incitec’s troubled fertiliser business and had made an approach. The company declined to comment.

Meanwhile, the Andrew Forrest-backed CurveBeam AI has opened its books for a $154 million float. The medical imaging business, formed last year out of a merger between Melbourne University spin-off StraxCorp and US-based Curve Beam, is looking to raise $25 million from investors. Investor meetings began on Monday and the books would shut on Thursday afternoon. The company is slated to list on August 23.

There’s also movement at ASX-listed luxury retailer Cettire, with fingers pointing at Cat Rock, a North American investor that has been a substantial investor on the company’s register since 2021.

And, as Street Talk reported on Tuesday afternoon, Perpetual has a new portfolio manager: Natalie Tam, who has jumped ship from abrdn after 18 years with the global investment manager. Tam will initially work alongside head of direct equities Stephen Kench as co-portfolio manager of the higher growth strategy, and with ex-Goldman Sachs gaming and TMT equity analyst Desmond Tsao on the small-cap investment process.