ASX closes higher; Qube leads gains following $11.6b Macquarie offer
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The news: The Australian sharemarket finished higher as logistics provider Qube Holdings led gains across almost every sector after receiving a takeover offer from Macquarie Asset Management that implies a $11.6 billion valuation.
The benchmark ASX 200 rose 1.29% to end at 8,525.1 with 10 of the 11 sectors finishing in the green.
The industrial sector (+2.7%) was the best performing as Qube (+19.4%) surged on the takeover news and Reece (+12.7%) lifted after Macquarie analysts upgraded their position on the stock following a Q1 FY26 trading update on Friday.
The tech sector (+2.4%) also finished higher as Life360 (+7.1%), Megaport (+5.8%) and Siteminder (+5.9%) finished higher. Iress (+8%) also spiked before it entered a trading halt to “manage its continuous disclosure obligations”.
Biggest movers:
- Monash IVF (+44.3 %) – Rejected a non-binding indicative takeover offer from a consortium of Genesis Capital Investments and Washington H. Soul Pattinson which the board believes is ”opportunistic in its timing and materially undervalues the Company”.
- Lithium producers – Lithium miners Liontown Resources (-6.5%), Pilbara Minerals (-3.6%), IGO (-3.4%) and Mineral Resources (-3.2%) were among the biggest losers as lithium prices fell amid an anticipated reopening of a major CATL mine in China.
Deals news:
- Pro Medicus (+3.5%) – Signed three new customer contracts in the US, worth a combined minimum value of $29 million.
- MA Financial (+1.2%) – Contracted to acquire Hyperdome Town Centre shopping centre from QIC Real Estate for $678.7 million in Loganholme, South-East Queensland after months of due diligence.
- BHP (+0.6%) – After a recent takeover proposal for miner Anglo American was rejected, BHP told the exchange it is "no longer considering a combination of the two companies".
Executive and board moves:
- Bapcor (+2.8%) – Appointed independent non-executive director Lachlan Edwards as its new chair and confirmed that CEO Angus McKay will step down from the board while retaining his executive position.
- DroneShield (+1.8%) – Appointed VP for sales and business development Tom Branstetter as its interim US lead. Also responded to media reports after three directors sold all their shares, including CEO Oleg Vornik.
- Commonwealth Bank (+1.2%) – Group executive technology and group chief information officer Gavin Munroe will leave the bank on 22 December 2025. In the interim, his responsibilities will be split across Rodrigo Castillo and Victoria Ledda.
What’s ahead:
- Companies that are holding their annual general meetings tomorrow include Monadelphous Group, The Star Entertainment Group, Ramsay Health Care, Ramelius Resources and Pilbara Minerals.
