Australia and NZ

Canada’s Valeant Pharmaceuticals International has agreed to acquire Australia-based iNova, a private pharmaceutical group.

iNova owns, develops and markets a portfolio of prescription and OTC pharmaceutical products in the Asia-Pacific region and South Africa, including therapeutic weight management brands such as Duromine and OTC brands in the cold and cough market such as Difflam and Duro Tuss.

As the first government owned corporation in the Northern Territory and the only combined utilities company in Australia, Power and Water Corporation is a trendsetter in a challenging environment, as Jane Bordenave reports.

Dubai-based Dragon Oil has announced the signing of a deal through which it will earn a 55 per cent interest in the Bargou Exploration Permit offshore Tunisia.

The farm-in agreement, which has been signed with a wholly-owned subsidiary of Perth, Australia-based Cooper Energy, will also give Dragon Oil operatorship of the permit in any development phase.

The Bargou Exploration Permit is located in the Gulf of Hammamet in the Mediterranean Sea, covering an area of 4,616 square kilometres with predominantly offshore exploration prospects.

BHP Billiton has completed its acquisition of the HWE Mining subsidiaries which provide contract mining services to its Western Australia Iron Ore operations.

The acquisition from Leighton Holdings follows a previously announced Heads of Agreement signed on 9 August 2011, relating to the mining equipment and related assets that service the Area C, Yandi and Orebody 23/25 operations which collectively account for almost 70 per cent of Western Australia Iron Ore’s total material movement.

SABMiller has agreed to acquire Australia’s Foster's Group for approximately A$9.9 billion (£6.5 billion).

London, UK-based SABMiller said the acquisition is consistent with its strategic priorities and will provide it with exposure to Australia's strong economic growth prospects, as well as cementing its position in the Australian beer industry.

Melbourne-based Foster’s is Australia’s biggest brewer; and acquiring it will give SABMiller access to roughly half of the Australian beer market.

The Hamilton Harbour development is creating a new iconic landmark in Brisbane, Queensland; and represents a major milestone for project managers Devine Constructions. Commercial contracts manager George Defteros talks to Jayne Alverca about the development.

The United Nations General Assembly has declared 2012 to be the International Year of Co-operatives (IYC) and Trent Bartlett, for the last 10 years CEO of Capricorn Society Ltd and a founder of Social Business Australia,has taken on the job of chairing the IYC 2012’s Australian Secretariat. We talk to him about Capricorn, IYC, and his vision for the co-operative movement.

Africa Oil Corp has signed a contract with Sakson Drilling and Oil Services to provide a rig to drill the first exploration wells in Puntland, Somalia, for more than 20 years.

Spudding of the first well in Dharoor is expected to commence during the fourth quarter of this year.

Drilling locations have been selected over two prospects in the Dharoor and Nugaal valleys covering nearly 36,000 square kilometres. Each prospect is targeting a gross best estimate oil-in-place of approximately 900 million barrels.

UK-based SABMiller has made a hostile bid for the Australian beer giant Foster’s.

The Foster's board rejected SAB's initial A$9.5 billion (£6.1 billion) offer made in June, saying it was too low.

SABMiller has now taken the offer directly to the company’s shareholders, though it remains unchanged at A$4.90 per share.

Wood Group PSN’s Australian operations form the company’s largest international business unit, with more than 2,100 personnel now working across five Australian regions: Victoria (Melbourne), Queensland (Brisbane), New South Wales (Sydney), Western Australia (Perth) and Northern Territory (Darwin).