Corrs boss takes control, hires from elite unis

G+T beats Corrs in landmark MAC ruling

Court upholds EY partner’s termination

What began as a clean $672m takeover turned into a landmark fight over material adverse change. After Cosette tried to walk following an FDA letter and weak sales, Justice Ashley Black ruled forecasts aren’t “events” and short-term dips don’t trigger a MAC. Gilbert + Tobin beat Corrs, setting Australia’s new MAC standard. We dive into the deal teams and silks behind the deal here: Point Blank

The AFR have exposed how Corrs boss Gavin MacLaren has tightened his grip on the firm. He’s centralised power, hikes billing targets and launched Garran Advisory without partner consultation, even though the partners own it through a trust he controls. Insiders say Corrs now prioritises elite uni hires like UniMelb, and under MacLaren’s holistic billing mantra, lawyers were told “if you’re thinking about work on the toilet or in the shower, you should be billing that”: AFR

PwC Australia is piloting its new AI audit platform with five local clients as part of a $1.5bn global rollout built with Microsoft. The tool can check financials in seconds and flag anomalies, but humans still have to verify every output. Assurance boss Sue Horlin says audits are getting faster and smarter: AFR

White & Case has promoted Aussie partners Paul Marshall and Girish Rao to partner in its global round. Marshall, from Project Development and Finance, focuses on renewables and infrastructure financings, while Rao, from M&A, advises funds and corporates on cross-border deals. Both step up from 1 January 2026: Point Blank

Partnerships/Employment: The ACT Supreme Court has dismissed a lawsuit by former EY tax partner Leonard Nicita, who claimed his termination over a Sydney bar fight breached his partnership agreement. Justice David Mossop found EY’s “just cause” clause extended to private conduct, ruling it was “reasonably open” for EY’s managing partner to conclude Nicita’s behaviour could harm the firm’s reputation. Nicita had argued the fight occurred in his personal life and that he’d already given notice of retirement, but the Court rejected both claims. Justice Mossop likened the scope of “just cause” to cover any serious private misconduct, noting shifting social and business expectations around partner conduct. The Court also found no bad faith in EY’s decision, confirming the firm’s absolute discretion to terminate under the partnership agreement: Lawyerly

M&A: The Takeovers Panel is preparing a trio of policy updates by mid-2026, its biggest shake-up in a decade. CEO Allan Bulman says a new guidance note on “association” — the concept that defines when investors are “acting in concert”— is on the way, with a consultation paper due in Q2 2026. It’ll be the Panel’s first new note since 2015, clarifying when association disputes belong before the Panel versus the courts. Updates to Guidance Note 4 are also imminent, tightening rules around non-cooperative parties and costs orders for disruptive conduct. And by early 2026, the Panel will publish jurisdictional guidance explaining when matters are better left to ASIC or the ASX: Mergermarket

Energy/Mining: Albo and Trump inked the US–Australia Framework for Securing Supply of Critical Minerals and Rare Earths, marking a major expansion of the alliance into the resources and defence supply chain. HSF Kramer provides a snapshot of the pact, which establishes a US$8.5bn project pipeline. Both governments are committing US$1bn each in financing for the project within six months. The Framework will streamline permitting, fast-track bilateral investment, and prioritise Australian projects for US funding, with EXIM Bank already issuing US$2.2bn in letters of interest. It also cements tighter FIRB scrutiny of foreign sales and elevates Australia’s role in the Western supply chain push to rival China: HSF Kramer

Albo is siding with creators in the AI clash. The gov has ruled out a Text and Data Mining Exception, rejecting tech calls to let AI developers freely use creators’ work to train their models. Instead, it’s tasking its Copyright and AI Reference Group to explore a paid licensing scheme, clarify how AI-generated content fits under copyright law, and create a small-claims forum for cheaper copyright enforcement: Capital Brief

Dozens of female Aus Defence Force members have launched a class action against the Commonwealth, alleging systemic sexual assault, harassment and discrimination across the military. The case covers women serving between 2003 and 2025. Lawyer Josh Aylward said the “threat of war often isn’t the biggest safety fear” for women in uniform — it’s sexual violence in their own workplace: Guardian

NAB: has tapped Macquarie Capital to advise on its bid for HSBC’s Australian banking arm, which includes about $40bn in loans and $30bn in deposits. Sources say NAB is focused on retail banking, not the commercial portfolio that lends to Chinese firms. That leaves HSBC debating whether to split or retain the business. A sale could fetch billions, marking HSBC’s latest global retreat: The Australian

Novartis: has agreed to buy Avidity Biosciences in a US$12bn all-cash deal, paying US$72 per share - a 46% premium. The biotech develops RNA-based drugs for rare neuromuscular diseases. Before closing, Avidity will spin off its early-stage cardiology arm. The deal, part of swiss giant Novartis’ biotech M&A spree, is expected to complete in H1 2026. Kirkland is advising Avidity: Bloomberg

Santos investors are demanding answers after CFO Sherry Duhe’s sudden exit and claims she raised concerns over CEO Kevin Gallagher’s leadership and corporate culture. Chair Keith Spence has faced criticism for not probing her claims, with investors warning of governance and disclosure risks after the $36bn ADNOC deal collapse: AFR

Rio Tinto’s Mongolian arm, Oyu Tolgoi LLC, has launched a corruption probe into its procurement division. Police have been called in to assist with a full internal investigation, including with employee home raids. The miner says it has a “zero-tolerance” stance on misconduct: AFR

Australia’s bond market is booming, with foreign issuers raising $280bn in Aussie dollars this year, closing in on last year’s record $322bn. The surge is fuelled by the $4.3tn super sector and AAA credit rating, making Australia the world’s No.3 debt market after the US and Europe: The Australian

CBA and Westpac warn the RBA’s new fee caps could hand American Express a $650m windfall, as the US card giant sits outside interchange limits applied to Visa and Mastercard. Lenders say tougher caps will erode rewards and lift fees, pushing customers to Amex. They’re urging the RBA to bring Amex under regulation: AFR

GPT Group has bought a 50% stake in Grosvenor Place for $860m, joining Commonwealth Super Corp in co-owning the $1.72bn landmark tower. The deal, originally bound for Investa and US fund BGO, marks GPT’s return to the office market after years on the sidelines: The Australian

AsheMorgan has enlisted Japan’s Marubeni, Haseko and Mizuho Leasing to co-deliver its $600m District Living build-to-rent project in Melbourne’s Docklands. The deal marks Marubeni’s first Australian BTR investment, backing 900 apartments across two towers. With construction kicking off next month, AsheMorgan says the project will set a new benchmark for rental living: AFR

Aussie founder Annie Liao has raised $1.75m and moved to San Francisco to build Build Club, an AI learning startup. Living in a hacker house dubbed “The Stables”, she says the city’s ambition and optimism are unmatched, but admits she flies home every two months to stay grounded. “San Francisco pushes me to dream bigger,” she says, “Australia keeps me sane.” Business Insider

Nvidia, AMD and Broadcom are slapping “golden handcuffs” on workers. They’re using lucrative stock payouts to keep staff locked in as the AI boom drives valuations sky-high. Employees’ equity packages have surged 300-350% since 2023, with some worth millions but only if they stay long enough to vest. The tactic’s working. Nvidia’s turnover has halved to 2.5%: Business Insider