Students taught the wrong exam topic

Ashurst and Allens lead blockbuster takeover

Lawyers warn vague enviro laws risk court fight

Ashurst’s Tony Damian is advising EQT and Allens’ Vijay Cugati for AUB Group, in the $5.2bn play by the Swedish private equity giant that sees a 40% premium to AUB’s pre-rumour close. That would mark Damian’s first public M&A deal at his new shop if the deal proceeds. Read more: Point Blank

Legal AI darling Harvey has tripled its valuation in eight months, soaring from $3bn to $8bn after fresh funding led by Andreessen Horowitz. With 50 top US firms on board and $100m in ARR, its sky-high 50x revenue multiple has investors watching closely. As one legal tech founder put it: “We’ll see when the renewals come up”: Bloomberg

Gadens has poached Andrew Rich, former head of Slater & Gordon’s national industrial and employment law team, as a partner in its workplace advisory and disputes group. The move lifts Gadens’ national partner tally to 122: Lawyers Weekly

After a stoush over new diversity rules blew up its 19-member council, the ASX has tapped former RBA governor Philip Lowe to chair a new Corporate Governance Advisory Group. The slimmed-down panel will have 6–10 members, replacing the old council as Helen Lofthouse tries to steady the exchange’s governance credibility after a bruising few years: AFR

Projects: Lawyers flag gaps in new environmental laws. As the Environment Protection Reform Bills hit parliament, environmental lawyers warn the draft laws could spark early court challenges due to vague definitions in key areas. HSF Kramer partner Peter Briggs said uncertainty around what constitutes an “unacceptable impact” under the new National Environment Standards (NES), which is now central to all approvals, will take time and litigation to clarify. He also cautioned that ministerial powers to override an NES in the “national interest” could become a new ground for judicial review. KWM partner Matt Austin agreed, noting the broad drafting of “national interest” leaves wide discretion. Despite the tougher enforcement powers, lawyers say the absence of detail on terms like “net benefit” in offset rules risks regulatory uncertainty, even as the government promises “clear, up-front” criteria for environmental decisions: Capital Brief

Bankruptcy/Disputes: The Federal Court has confirmed that a bankruptcy notice listing only a PO box can still be valid. Justice Wheatley held that under the current prescribed form, a physical street address is not required, and including a creditor’s solicitor’s name, PO box, phone and email is enough to make payment “reasonably practicable.” The debtor argued the notice breached the Bankruptcy Act and Regulations, but the Court disagreed, adopting a purposive, common-sense interpretation and focused on whether payment or arrangements could be made, not formality of address. Even if defective, Wheatley J said it would be a formal, not substantive, error causing no injustice.

Merger Reform: The ACCC has released another round of updates to its merger reform FAQs, clarifying two practical points for dealmakers. The first concerns Heads of Agreement, where the Commission confirms that merger parties can notify at this stage, provided the transaction terms are sufficiently defined to assess whether there is an intention to contract for acquisition. The second addresses exchange rates, with guidance to apply the daily rate as at the contract date when calculating thresholds for merger notifications.

Year 12 Ancient History students at nine Queensland schools were taught the wrong topic for their final exam. They studied Emperor Augustus instead of Julius Caesar. About 140 students were affected after a memo mix-up by the Queensland Curriculum and Assessment Authority. The government has called it “extremely traumatic”, while QCAA promises no student will be disadvantaged: TDA

The 1% have truly taken luxury to new heights. Flexjet’s $96m Gulfstream G700 is basically a flying apartment. With five living zones, a private bedroom, two luxe bathrooms, a dining suite for six and even a mini cinema, it’s a far cry from economy class. Clients pay up to US$20k an hour for the privilege. That’s roughly eight times the average American’s monthly mortgage: Business Insider

Mayne Pharma: investors have blasted Treasurer Jim Chalmers after he signalled plans to block Cosette’s $672m takeover, accusing him of being “played” by the US bidder. Chalmers said the deal was “contrary to the national interest” given Cosette’s threat to close Mayne’s Adelaide plant, but shareholders called the move a “gift” to Cosette and a blow to foreign investment confidence: AFR

Westpac: has now agreed to sell its $21.4bn RAMS loan book to a consortium of Pepper Money, KKR and PIMCO, marking a major exit from non-bank lending. Under the Asset Sale, Pepper will take legal title and act as servicer, with KKR and partners funding the loans through a securitisation vehicle subject to FIRB and ACCC approval: ASX

Gina Rinehart’s Hancock Prospecting posted a 44% fall in profit to $3.1bn, its weakest since 2020, as softer iron ore prices and Cyclone Zelia hit output. Revenue dropped to $11.6bn, with shipments down 5Mt to 91Mt. Despite the slide, Rinehart pocketed $1.4bn in Roy Hill dividends: AFR

Santos has been awarded a record 614,133 carbon credits for its Moomba CCS project. That’s the largest-ever allocation by the Clean Energy Regulator. CEO Kevin Gallagher said Moomba could generate $600bn in CCS revenue for Australia and cement its role as a “carbon capture and storage superpower”: The Australian

Macquarie Bank was fined $4.995m — the largest-ever penalty by the market disciplinary panel — for failing to detect alleged price manipulation in electricity futures by Delta Power & Energy. ASIC claims Delta made 30 trades in 2022 to inflate prices paid by Shell, while Macquarie repeatedly failed to act despite prior warnings: AFR

Newly unsealed records show JPMorgan Chase filed suspicious activity reports on Jeffrey Epstein as early as 2002, flagging cash withdrawals just under the $10,000 threshold. Despite repeated warnings, Epstein remained a client until 2013. The revelations surfaced in a 2023 US Virgin Islands case, which JPMorgan settled for $75m over claims it enabled Epstein’s trafficking network: The Australian

REA Group CEO Owen Wilson is stepping down after transforming the digital property giant into a $30bn company. Wilson, who led REA since 2018, said competition with CoStar and Domain had energised the team, but felt it was time to pass the baton. Incoming CEO Cameron McIntyre will now take the reins: The Australian

Analysts are warning of a “dual apocalypse” as the rise of AI job cuts and Chinese e-commerce giants Temu and Shein is hitting Australia’s commercial property sector hard. With 202,000 tech layoffs globally and retailers like Mosaic Brands and Ally Fashion collapsing, office and retail demand is crumbling: Real Commercial

Thousands of ASX-listed directors may have had their emails and phone numbers leaked after hackers breached Salesforce via AI chatbot Salesloft Drift. The breach compromised board portal Diligent, used by 60% of ASX firms, including Woolworths, Westpac and Macquarie. Diligent confirmed it has engaged cybersecurity experts: AFR

Amazon stock jumped 11% after AWS revenue surged 20% to $33bn, marking its fastest growth since 2022. The comeback eased fears it was falling behind Microsoft Azure and Google Cloud, as investors hailed a “turning point” for the tech giant: Reuters