North Korea Reports Industrial Output at 105% of Target Following Party Congress 
Asian Stocks Advance as Nikkei Nears Record High Ahead of Fed Decision 
Asian Markets Rally as US-Iran Peace Deal Sparks Oil Price Drop and Weakens Dollar 
Dollar Slips as U.S.-Iran Peace Deal Optimism Boosts Risk Appetite Ahead of Fed Decision 
U.S. Gasoline Prices Fall Below $4 as U.S.-Iran Deal Eases Oil Market Concerns 
US-Iran Ceasefire Deal Extends Peace Talks and Eases Oil Trade Restrictions 
US Stock Futures Edge Higher Ahead of Key Federal Reserve Decision 
Gold Prices Surge Above $4,300 as US-Iran Peace Deal Weakens Dollar and Oil 
BOJ Rate Hike Expected to Boost Yen, Impact USD/JPY and Nikkei 
Oil Prices Recover Slightly as U.S. Crude Inventories Fall, But Iran Deal Caps Gains 
Taiwan Central Bank Likely to Keep Interest Rates Unchanged Through 2027 
Global Motor Oil and Auto Paint Shortages Persist Despite Potential U.S.-Iran Peace Deal 
BOJ Raises Interest Rates to 1% as Inflation Pressures Persist 
Myanmar Economic Outlook Hit by Fuel Price Shock as World Bank Cuts Growth Forecast 
Gold Holds Gains as Oil Prices Retreat and Fed Decision Looms 
Asian Currencies Steady as BOJ Raises Rates and Markets Await Fed Decision 
Japan Trade Deficit Narrows as Exports Surge in May 
The Australian Securities Exchange (ASX) has unveiled significant proposed reforms aimed at strengthening shareholder protections and limiting share dilution during public takeovers and mergers. Under the draft rules released on Wednesday, companies listed in the S&P/ASX300 index would be restricted from issuing more than 25% of their existing share capital to fund acquisitions without first obtaining shareholder approval.
The proposed changes represent a major reduction from the current framework, which allows eligible companies to issue shares equivalent to up to 100% of their existing capitalisation without a shareholder vote. The ASX review was launched in response to growing concerns from investors over dilution risks in large-scale corporate transactions.
The debate intensified after building materials giant James Hardie received a waiver from the ASX, allowing it to avoid a shareholder vote while issuing approximately 35% of its share capital to finance its $8.8 billion acquisition of U.S.-based AZEK. The decision sparked criticism from investors who argued that the transaction significantly diluted the value of their holdings without giving them an opportunity to approve the deal.
ASX Acting Group Executive for Listings, Gavin Skene, said the proposed reforms reflect strong market feedback supporting greater shareholder safeguards. “We have listened to the market and heard loud and clear the market’s support for more protections against share dilution in public takeovers and mergers,” Skene stated.
Investor dissatisfaction over the James Hardie-AZEK acquisition ultimately resulted in significant boardroom consequences. Shareholders voted to remove Chair Anne Lloyd and two other directors, highlighting concerns over the company’s handling of the takeover process and governance practices.
The proposed ASX takeover rules are expected to improve transparency, enhance corporate accountability, and provide investors with a stronger voice in major acquisition decisions. If implemented, the changes could reshape how Australian-listed companies structure merger and acquisition deals, ensuring that shareholders have greater influence over transactions that may substantially impact their ownership stakes.
