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Mirvac Lowers Valuations, Indophil Higher Bid
Jun 21, 2:31 AM EDT |
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| Indophil receives 28% premium from a consortium led by its chief executive. Mirvac reaffirmed its earnings guidance and lowered its asset valuations. |
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| Australian stocks fell as global financial stocks declined. The weakness in the U.S. trading and persistent worries related to the health of the U.S. banks kept Australian banks in check. ASX 200 index fell 1.5% to 5,288.30. Xstrata abandoned its offer for Indophil after a bid led by its chief executive offered 28% more. Victoria Supreme Court gave its approval for the merger between Zinifex and Oxiana. The newly merged company will be renamed Oz Minerals. |
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Global Markets Fall on Weak U.S. Banks
Jun 21, 2:41 AM EDT |
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| Markets around the globe fell in lock steps as investors worry that health of the U.S. banks may deteriorate further. |
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| Investors around the world sold stocks on the worries that the U.S. banking crisis may worsen before improving. Stocks of banks linked to the U.S. declined around the globe from Japan to Switzerland. Rising inflation hobbled stocks in Asia and market indexes in India, Malaysia, and Vietnam fell. Pakistan stocks plunged 10%. Indexes in India plunged 3.5%, in Brazil lost 3%, in Germany and France declined 2% and in UK, Mexico and Canada dropped 1.5%. Wachovia Bank drifted to a 12-year low. |
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