In Australia PMS to Acquire Skilled Group, Flight Centre Plunges Again

Marcus Jacob
24 Jun, 2015
New York City

Australian market indexes closed flat in active trading and Programmed Maintenance Services agreed to acquire rival Skilled Group Ltd for A$652 million. Myer Holdings refinanced A$600 million bank debt with better terms. Flight Centre Travel Group plunged for the second day in a row.

[R]5:30 PM Sydney – Australian market indexes closed flat in active trading and Programmed Maintenance Services agreed to acquire rival Skilled Group Ltd for A$652 million. Myer Holdings refinanced A$600 million bank debt with better terms. Flight Centre Travel Group plunged for the second day in a row.[/R]

Australian market indexes traded higher following 1.3% jump in yesterday’s session but at close indexes barely budged.

Australian dollar closed at 77.34 U.S. cents and in stock trading turnover fell to 734 million shares worth $5.3 billion.

At close, the ASX 200 Index edged up 2.50 to 5,686.80 and the broader All Ordinaries Index rose 1.30 to 5,672.70.

In commodities trading, gold declined US$8 to US$1,178 an ounce and Brent crude rose 0.12 cents to close at US$64.57 a barrel.

Australian Stock Movers

Skilled Group Ltd soared 7.1% to $1.65 after the staffing services provider agreed to be acquired by a rival Programmed Maintenance Services for about $652 million.

The transaction is expected to close in mid-October.

Myer Holdings Limited closed unchanged at $1.34 after the department stores operator announced the refinancing of $600 million debt arrangements with more favourable pricing, increased tenor and improved terms.

Wesfarmers Ltd edged down 0.07% to $40.45 after the specialty department stores operator agreed to acquire 13.7% stake in the oil and gas producer Quadrant Energy from Macquarie Group Ltd. for about US$100 million.

With the sale, Macquarie lowered its stake in Quadrant to 36.3% from 50%.