Federal Treasurer Joe Hockey has granted conditional approval for the world's largest electricity company to take a 19.9 per cent stake in Australian energy infrastructure firm SP AusNet. State Grid Corporation of China will acquire the stake from Singapore Power International, after reaching an initial agreement in May 2013. SP AusNet owns and operates electricity transmission, electricity distribution, and gas distribution networks in Victoria. Singapore Power will remain its biggest shareholder, with a holding of about 31 per cent.

Telstra shares have hit their highest level in almost nine years after selling its stake in Hong Kong mobile business CSL for around $2 billion. The Australian telco, along with fellow owner New World Development, has agreed to sell CSL to HKT in a deal worth $US2.42 billion ($A2.74 billion). Telstra is expected to receive around $2 billion for its 76 per cent stake, depending on currency fluctuations, giving it a profit of around $600 million. Chief executive David Thodey said CSL had experienced considerable success in the Hong Kong market, but the sale was in the best interests of Telstra shareholders.

Takeover target Warrnambool Cheese and Butter says the latest offer made by Canadian suitor Saputo is superior to a rival bid from Murray Goulburn. Saputo's offer is considered superior in terms of value, certainty and timing, Warrnambool Cheese said on Friday. Its earlier unconditional offer of $9.00 per Warrnambool share, and an increase of 20 cents if it attained more than 50 per cent of the shares, remained unchanged. But the offer will increase to $9.40 if Saputo obtains more than 75 per cent of Warrnambool shares, and to $9.60 if it surpasses 90 per cent.

Bega Cheese boss Barry Irvin sounds very happy for a man who has just lost a takeover battle that he started. Mr Irvin, Bega's executive chairman, said he is taking a philosophical approach to the failure of his bid for Warrnambool Cheese and Butter, three months after Bega's cash-and-shares offer kickstarted an all-in dairy industry bidding war. Bega's offer closes on Friday, having won the support of less than one per cent of Warrnambool shareholders, outgunned by higher bids from Canadian firm Saputo and Australian co-op Murray Goulburn. Since the start of hostilities, Warrnambool shares have climbed from $4.51 to $9.24 - a valuation Mr Irvin refers to as "nosebleed territory".

Brazil's mining giant Vale said Thursday it has agreed to sell about half of its stake in a consortium that runs the Belo Monte dam in the Amazon. A Vale statement said the transaction involves the creation of a joint venture with the Brazilian power company CEMIG. As part of the deal, Vale is to sell its nine percent stake in Norte Energia, the consortium in charge of construction of the controversial dam in northern Para state. Vale will hold a 51 percent stake in Alianca Norte Energa Participacoes, resulting from the transfer of its stake in Norte Energia and the subsequent sale of 49 percent of the capital of this new company to CEMIG for roughly $88 million.

Vancouver, Canada, Dec 20, 2013 - (ABN Newswire) - Balmoral Resources (TOR:BAR) CEO Darin Wagner will be presenting at Investorium.tv Live Webcast from the Fairmont Pacific Rim in Vancouver on January ...

Australian shares are higher as the banks post gains, and a stronger US dollar benefits many local companies with overseas operations. The Australian dollar has fallen against the US dollar since the Federal ...

Stocks to watch on the Australian stock exchange at noon on Friday.