News Wrap

IN THIS morning’s News Wrap: ASIC and Gina Rinehart’s Hancock head to court over accounts; Glencore exits BHP’s $A800M Nickel West race; and Leighton likely to hang on to Sedgman.

Lou Caruana

ASIC and Gina Rinehart’s Hancock head to court over accounts

Gina Rinehart’s Hancock Prospecting will face off with the corporate regulator at a hearing in the Perth Magistrates Court in November, according to the Australian Financial Review.

The Australian Securities and Investments Commission has been pursuing Rinehart’s companies for failing to file financial reports on time, dating back to 2008.

The matter went to the Magistrates court in April. A trial is due to begin on November 10.

ASIC is chasing Hancock Prospecting, Hancock Minerals and Hope Downs Iron on 13 counts of failing to lodge financial reports on time.

Glencore exits BHP’s $800M Nickel West race

Glencore, the world’s largest commodities trading house, has bowed out of the race for BHP’s Nickel West business in a surprise move that eliminates one of the highest-profile contenders, according to the Australian Financial Review.

Earlier this month, six parties had entered due diligence for the West Australian assets, which are expected to fetch between $500 million and $1 billion.

However, analysts have set the value at around $800 million.

Leighton likely to hang on to Sedgman

Leighton, which is now controlled by Spanish construction giant ACS, has no plans to offload its 35.5% Sedgman holding at current prices, according to the Australian Financial Review.

While Leighton looks like it will sell just about anything, it is unwilling to part with Sedgman at such a bad time in the business cycle.

The Brisbane-headquartered Sedgman, which has a joint venture partnership with Thiess and about 8800 employees globally, is viewed as having strong technical capability, according to analysts.

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