News Wrap

IN THIS morning’s News Wrap: BlackRock emerges as buyer of Forge Group stock; China’s State Grid inks energy acquisition; and a raising boost for troubled AusGroup.

Lou Caruana

BlackRock emerges as buyer of Forge Group stock

BlackRock, the world’s largest money manager, has emerged as a new substantial shareholder in embattled Australian mining services company Forge Group, helping explain a spike in the share price over the past fortnight, according to the Australian Financial Review.

China’s State Grid inks energy acquisition

China’s State Grid Corporation, the world’s largest utility, has finally completed its multi-billion dollar acquisition of Australian energy assets from Singapore Power’s international arm, according to the Australian Financial Review.

Raising boost for troubled AusGroup

Embattled mining services company AusGroup has raised $S15.2 million ($13.4m) in fresh capital as it attempts to fight off suggestions it is facing insolvency, according to The Australian.

The Singapore-listed, Perth-based company said it had agreed to a conditional placement to DBS Bank at S16.8c per share, an 8.5% discount to AusGroup's weighted average price.

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