Weak Aussie dollar lures foreign firms seeking M&A deals
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Sydney
FOREIGN suitors are bidding for Australian companies at a frenzied pace this year, spurred by a steady decline in the Aussie dollar against the US currency which is turning valuations reasonable.
Last week's US$1.6 billion all-cash approach by US credit agency Equifax Inc for Sydney-listed rival Veda Group is the latest among billion-dollar-plus inbound takeovers of Australian companies, as a slowdown in the country's top trading partner China weighs on the economy and on its currency, which is down 13 per cent so far this year.
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