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Australia is a really attractive destination for foreign

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investment because it's got low sovereign risk, it's

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a highly regulated market, there's a low exchange

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rate at the moment which makes it even

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more attractive.

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We see something like on average A$60 billion

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worth of transactions each year.

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That's been the average over the last five years

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and the private treaty M&A market is

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of a similar size.

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Transaction completion risk continues to be a major

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consideration in Australia.

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Approximately 80% of announced transactions complete and

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that's historically over the last 20 to 30

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years a lower number than you might have

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seen previously.

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So people are making sure that when they

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transact they do everything they can to improve

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the probability of success.

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That includes a significant component of all-cash

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or cash-equivalent offers which is something like

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75% of the transactions we're seeing.

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UCITS takeovers which is a fast way

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to transact.

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A small number of hostile deals, less than

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15% of deals announced are hostile and

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we see high premiums being offered.

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We're seeing something like 50% premiums being

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offered which is much higher than historic average

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of 30%.

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Australia tends to be a natural place for

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buyers to look to replenish finite resources.

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It is an abundant region for natural resources

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and the mining and energy markets are a

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really important part of the Australian economy.

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I would say 50% of the transactions

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we've seen announced in the last 12 months

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have had an offshore buyer and the material

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component of those have been in that energy

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and resources space.

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It's a stable environment, low sovereign risk, relatively

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weak currency at the moment and we're seeing

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a lot of cross-border activity into our market.