Big deals, big losses

The ASX 200 fell 0.13% this week, snapping a three-week winning streak as a global sell-off in AI and chip stocks and a jump in oil prices hit resources. Brent crude rose above US$114 a barrel, its highest since May, which kept inflation and interest rate concerns alive around the world. The materials sector dropped almost 8% since Monday as copper and gold prices fell, while a rebound in bank stocks limited the damage. 

The week’s best performers 

Cleanaway Waste Management (ASX:CWY) +21.05%
Cleanaway Waste Management, the waste collection and recycling operator, jumped 21.05% after signing a binding takeover deal with EQT Infrastructure. It came alongside a result with underlying EBIT up 14.2% to $470.2m, and shareholders vote on the scheme by the end of February 2027. Until then, the share price will follow the odds of the deal closing. We break down the buyout in Deals Down Under below.  

Challenger (ASX:CGF) +21.02%
Another takeover move this week, this time at Challenger, the annuities provider, which rose 21.02% after TAL Daiichi Life Australia made a nonbinding offer of $11.80 a share, 17.7% above its average price over the past month. TAL Daiichi already owns 20.5%, so the board can still reject the offer or push for more. At about $11.75, the shares already price in a deal, which leaves them exposed if talks stall.

Ingenia Communities (ASX:INA) +20.20%
A week after falling 16.81%, Ingenia Communities, the senior living and land lease operator, rose 20.20% as talks with Warburg Pincus moved forward. The board said it plans to walk away from the $992.5m Peet takeover, a condition of Warburg’s $5.25 cash proposal. The offer is still nonbinding and subject to due diligence and debt funding.

This week's worst performers

NextDC (ASX:NXT) -38.89%
NextDC, the data centre operator, fell 38.89% after power delays in Melbourne pushed $140m of contracted revenue out of this financial year, and it put new developments and land purchases on hold. Customers have signed up for capacity at its M3 site, but NextDC can only bill them once the grid can supply the power, and that upgrade is now not expected until 2028. It cut its 2027 net revenue outlook to $475m to $500m from $615m to $640m, excluding the delayed contracts. Wednesday was its worst day since listing in 2010.

Zip Co (ASX:ZIP) -32.72%
A coordinated fraud attack in the US gave Zip Co, the buy now, pay later provider, its worst day on record on Friday, when it closed 29.47% lower. Fraudsters used legitimate credentials to open accounts and make purchases that were never repaid, costing $10.1m and lifting net bad debts to 1.97% of transaction volume. Cash earnings of $65.0m missed expectations by 15%, and management held its FY27 guidance.

Ora Banda Mining (ASX:OBM) -21.00%
Ora Banda Mining, the Western Australian gold miner, fell 21.00% after its September quarter report showed all-in sustaining costs of $4,214/oz, the full cost of mining and selling an ounce. That is well above its $3,400 to $3,600/oz FY27 guidance, with an extended mill shutdown and weather blamed. Guidance was maintained, which means costs have to fall sharply over the rest of the year.