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ASX 200 (ASX:XJO) midday update: Sydney Airport jumps, Qantas falls

The ASX 200 is pushing higher on Monday…
The post ASX 200 (ASX:XJO) midday update: Sydney Airport jumps, Qantas falls appeared first on The Motley Fool Australia. –

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a tough start and is pushing higher. The benchmark index is currently up 0.3% to 7,430.5 points.

Here’s what is happening on the ASX 200 today:

Sydney Airport takeover

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is storming higher today. This is after it received a revised indicative, conditional and non-binding proposal from the Sydney Aviation Alliance. According to the release, the Sydney Aviation Alliance has proposed to acquire the airport operator at an indicative price of $8.75 cash per stapled security. This represents a 9.4% premium to its last close price. It is also an improvement on previous offers of $8.25 and $8.45 cash per share. Due diligence has been granted on this occasion.

Qantas share price lower on ACCC blow

The Qantas Airways Limited (ASX: QAN) share price is dropping on Monday. This follows news that the Australian Competition and Consumer Commission (ACCC) has denied permission for the airline to collaborate with Japan Airlines. The two parties planned to work together on routes to and from Japan. “The ACCC can only authorise an agreement between competitors if it is satisfied the public benefits would outweigh the harm to competition,” said ACCC chair Rod Sims. “The alliance did not pass this test,” he added.

Incitec Pivot shares higher on Waggaman update

The Incitec Pivot Ltd (ASX: IPL) share price is rising today following a positive update. According to the release, the specialist chemicals company’s Waggaman ammonia plant in Louisiana was not materially damaged by Hurricane Ida. And while it will be down for four weeks as power is restored to the area, this was a better-than-expected outcome. A US$28 million EBIT loss is expected from the disruption.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Sydney Airport share price with a 5% gain. This follows news of its latest takeover approach. The worst performer on the ASX 200 has been the Chalice Mining Ltd (ASX: CHN) share price with a 7% decline. This is despite there being no news out of the gold explorer.

The post ASX 200 (ASX:XJO) midday update: Sydney Airport jumps, Qantas falls appeared first on The Motley Fool Australia.

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More reading

Qantas (ASX:QAN) share price down after major blow from ACCC
Sydney Airport (ASX:SYD) share price on watch after new takeover approach
5 things to watch on the ASX 200 on Monday

These were the best performing ASX 200 (ASX:XJO) shares last week

These were the worst performing ASX 200 (ASX:XJO) shares last week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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