September 22 - Australian companies have attracted a wave of takeover interest from private equity firms and overseas investors so far in 2026, although only a limited number of those approaches have advanced beyond the preliminary stages.
Here are some Australian companies that have received takeover approaches this year:
Atlas Arteria:
Australia's Atlas Arteria received a takeover offer from IFM Global Infrastructure Fund in April for all the shares the fund did not own at the time, valuing the former at A$6.89 billion ($4.91 billion).
The fund's unit, Diamond Infraco 1, also dangled a potential sweetener for shareholders of the toll road operator at the time, saying the offer price would rise to a maximum A$5.10 per share if it secured a 45% or higher stake in the company before the offer closed.
BlueScope Steel:
Australia's BlueScope Steel received a A$13.15 billion ($9.37 billion) takeover proposal in early January from an investor group comprising billionaire Kerry Stokes-owned SGH and US-based Steel Dynamics.
In late February, the steel producer spurned the offer, saying the price was not sufficient for the board to recommend a scheme of arrangement, but left the door open for further talks.
Cleanaway Waste Management:
Australia's Cleanaway Waste Management received a A$9.4 billion ($6.70 billion) takeover offer from EQT Infrastructure in mid-August and granted it exclusive due diligence, the company said.
EQT Infrastructure is managed by Swedish investment firm EQT.
FleetPartners:
Australia's FleetPartners said it received revised takeover bids from SG Fleet, Japan's ORIX and a consortium led by Sumitomo Corp mid-September, valuing the firm at up to A$982.1 million ($701.22 million).
The vehicle leasing firm added that the board has decided to grant each of SG Fleet, ORIX and the Sumitomo Consortium access to a further phase of due diligence.
IDP Education:
Australia's IDP Education said it had rejected a roughly A$694.7 million ($492.89 million) takeover proposal from Blackstone, saying the approach substantially undervalued the company.
Blackstone Singapore on September 9 offered A$2.50 per share in cash, representing a premium of about 56% to the stock's September 8 close.
IDP said the board considered the proposal "highly opportunistic", given current industry challenges and its ongoing multi-year transformation programme.
Ingenia Communities:
Australia's Ingenia Communities in early September rejected a A$1.94 billion ($1.39 billion) buyout offer from US-based private equity firm Warburg Pincus, saying the bid undervalued the company.
Warburg Pincus' offer also included the condition that the property developer terminate its planned $711 million deal to acquire master-planned communities developer Peet.
Lynas Rare Earths:
The world's largest producer of rare earths outside China, Lynas Rare Earths, was in takeover talks earlier this year, but the discussions were highly uncertain and did not proceed, a spokesperson said in early September.
Perpetual:
Australia's Perpetual turned down EQT AB's sweetened offer of A$2.55 billion ($1.82 billion) in late July, saying that it was not in the best interests of shareholders, but granted limited due diligence access to the Swedish buyout firm as it considers a possible improved offer.
In August, along with its annual results, it said it had entered a non-disclosure agreement with Windflower Pte, an entity understood to be indirectly controlled by Sweden's EQT AB, to determine if an improved proposal could be formulated.
Reliance Worldwide:
Reliance Worldwide agreed to a roughly $2.9 billion buyout mid-September from global investment firm Brookfield, a reprieve for the Australian plumbing supplies company that is facing the impact of US tariffs and economic uncertainty.
Steadfast:
Australia's Steadfast accepted an A$7.7 billion ($5.50 billion) acquisition bid by a KKR-backed consortium in late August.
Under the deal, speciality insurance distributor Amwins Group and Dragoneer Investment Group will take control of its underwriting agency business and broking operations, respectively.
Suncorp:
In late August, the Financial Times reported that Japanese insurer Tokio Marine has identified Australia's Suncorp as a preferred takeover target after reviewing several potential options, citing people familiar with the matter.
The sources warned that discussions were ongoing and there was no certainty a deal would result, the report said. Suncorp declined to comment on the report.
($1 = 1.4027 Australian dollars)
($1 = 1.4094 Australian dollars)
Compiled by Keshav Singh Chundawat, Shivangi Lahiri, Roshan Thomas and Sherin Sunny in Bengaluru; Editing by Sherry Jacob-Phillips and Ronojoy Mazumdar
Source: Reuters