At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is under pressure due to weakness in the resources sector. The benchmark index is currently down 0.45% to 7,122.4 points.
Here’s what is happening on the ASX 200 today:
Appen rockets on takeover approach
The Appen Ltd (ASX: APX) share price is rocketing higher on Thursday after the artificial intelligence services company received a takeover approach. Appen revealed that it has received an unsolicited, conditional, and non-binding indicative proposal from Canada’s TELUS International to acquire it for $9.50 per share. This values Appen at approximately $1.2 billion. Management has engaged with TELUS but appears to be looking for a better offer.
Champion Iron falls on full-year results
The Champion Iron Ltd (ASX: CIA) share price is falling on Thursday. This is despite the Canadian iron ore miner delivering a solid full year result which was largely in line with expectations. Champion reported a 14% increase in revenue to C$1,460.8 million and a 13% lift in EBITDA to C$925.8 million. This was underpinned by stronger iron ore prices, which offset softer production and higher costs.
Westpac super update
The Westpac Banking Corp (ASX: WBC) share price is pushing higher on Thursday. This follows news that Westpac and BT Funds Management have signed an agreement to merge BT’s personal and corporate superannuation funds with Mercer Super Trust. In addition, Westpac has agreed to sell its Advance asset management business to Mercer. Combined, the bank expects to record an after-tax gain of $225 million.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Appen share price by some distance. Its shares are up 27% following the receipt of a takeover approach. Going the other way, the worst performer on the ASX 200 has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 9% decline. A number of coal miners are tumbling lower today.
The post ASX 200 midday update: Appen rockets, Westpac super update appeared first on The Motley Fool Australia.
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More reading
- Champion Iron share price falls on FY22 results
- Guess which ASX 200 shares UBS just added to its ‘best ideas’ list
- Appen share price rockets 35% on Telus takeover approach
- Here’s why the Westpac share price is pushing higher today
- Appen share price on watch amid $1.2 billion takeover bid
Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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