Recommend Print

Business

THE NEWS WRAP: James Packer’s Ellerston Capital takes major stake in DealsDirect

By Oliver Milman
Tuesday, 05 April 2011

James Packer’s investment vehicle Ellerston Capital has taken a major stake in online department store DealsDirect.

 

The investment, reported by the Australian Financial Review to be worth a third of the company, will see DealsDirect co-founders Paul Greenberg and Mike Rosenbaum, along with two other investors, sell their stake to Ellerston Capital. The deal is understood to be worth $10 million.

 

New Woolies CEO set to take on Coles

 

Grant O'Brien, the new CEO of Woolworths, has set his sights on taking on a rejuvenated Coles after being appointed to the job yesterday.

 

O’Brien, who replaces the retiring Michael Luscombe, previously played AFL football and started at Woolworths as a shelf stacker. His appointment comes amid a frenzied price battle between Woolworths and Coles.

 

Disaster bill hits $9 billion

 

The total cost of natural disasters that hit Queensland and parts of Victoria earlier this year will reach $9 billion, according to the Treasury.

 

The estimate is a significant rise on the previous estimate of $5.6 billion. Treasurer Wayne Swan said that the impact of the floods and Cyclone Yasi will be greatest felt by the resources and agriculture industries.

 

Overnight

 

The Dow Jones industrial average was up 23.31 points to 12,400.03. The Australian dollar was down slightly to 103.65 US cents.

Comments (0)

Subscribe to this comment's feed

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Free Newsletter


Invalid Input
Join the StartupSmart community

Follow us

StartupSmart on Twitter StartupSmart on Facebook StartupSmart on LinkedIn

Subscribe to StartupSmart RSS feeds

Sponsored Links

Our Partners