Good evening,

Sun Cable’s billionaire brawl stole the show in deals this week.

With no secured debt to speak of, two solvent Rich Listers on its register and a $30 billion ambition for a 4500km underwater cable connecting Darwin and Singapore, this is as odd as a voluntary administration process can get.

It should also be a quick one because both Andrew Forrest and Mike Cannon-Brookes are keen to be on the scene. Just not on the current terms of funding and management. Administrator FTI Consulting should have a flyer out in a few weeks plus an investment bank beauty parade under way.

It’s a slight change of plans for the bankers at Macquarie Capital and Moelis. They’ve been working on drumming up the said $30 billion from pension funds and infrastructure giants but now would be in the box seat to run Sun Cable’s sale or recapitalisation.

Elsewhere, there was plenty happening in ASX-listed resources companies. IGO and its Chinese bid partner Tianqi stitched up a deal to buy WA lithium play Essential Metals for $136 million, global lithium giant SQM bought a 19.99 per cent stake in another WA lithium play, Azure Minerals, and gold explorers Tulla Resources and Pantoro were vetting a long-speculated scrip deal. Norwest Energy’s board was pushing back at Mineral Resources’ scrip.

Speaking of the latter, its much-anticipated bid for either Strike or Warrego hasn’t surfaced yet, while Gina Rinehart’s improved 36¢ cash offer’s acceptances have shot up from about 26 per cent last week to 36 per cent yesterday.

Over at Nitro Software, both bidders are now at the Takeovers Panel, which is yet to decide if it’s conducting proceedings on either. Alludo wants Potentia to clarify its funding, while Potentia wants due diligence. The stock has traded steadily above $2.15, the higher of the two bids on the table.

In hirings and firings, Blackstone’s exits from Kiwi insurer Partners Life and retirement village owner Arena Living earned a deal maker the MD title. Goldman Sachs is expected to lay off as many as 12 people from its Australian investment banking team. And Xpansiv has picked up another $US125 million ($181 million) from private capital investors.

We return to regular programming from Sunday.

Happy reading,

Sarah Thompson, Anthony Macdonald and Kanika Sood

Street Talk editors