Australian Shares Flat; Ingenia Communities Rejects Unsolicited Warburg Pincus Takeover Proposal
Australian shares were flat on Monday as concerns over global oil supplies lifted crude oil prices.The S&P/ASX 200 Index was little changed to close at 9,010.90.Brent crude oil futures rose to trade around $96 per barrel after the US hit three Iranian tankers and Iran launched missiles at two US Navy ships. Iron ore prices rose to $100 per tonne for the first time in a month.US employment data came in strong, boosting odds of a Federal Reserve rate hike.On the domestic front, ANZ-Indeed Australian Job Ads, a monthly indicator that tracks the total number of internet job advertisements across select websites, rose by a seasonally adjusted 2.5% month over month in August following an upwardly revised 1.9% increase in July, ANZ Research said.The value of new payments platform transactions in Australia jumped nearly 25% year over year to AU$260.6 billion in July, according to retail payment data from the Reserve Bank of Australia.In company news, Ingenia Communities Group (ASX:INA) rejected an unsolicited AU$4.75 per security cash takeover proposal from Warburg Pincus, saying the offer "substantially undervalues" the company and is not in the best interests of its security holders. Its shares rose nearly 15% on market close.Bubs Australia (ASX:BUB) has secured permanent US Food and Drug Administration (FDA) approval for its Bubs Goat, Bubs 365 Day Grass Fed, and Bubs Essential infant formula products. Its shares closed up 30%.Lastly, Corporate Travel Management (ASX:CTD) and its former auditor, PricewaterhouseCoopers Australia, face a potential class action alleging the company misled investors in annual financial reports from 2020 to 2024, law firm Phi Finney McDonald said.
