Assets

Mining giant BHP Billiton (BHP) is on its move to grow its US shale gas assets of its newly-acquired Petrohawk Energy as it boosts the gas production by 12 percent on the previous quarter and seems to have beaten its 2011 capital spending target. The mining company have raised its assets from 85.5 billion cubic feet in the previous quarter to 96.5 billion cubic feet in the three months to September 30.

National Australia Bank (ASX:NAB) appears to be letting go of its UK assets as it held talks last night to sell its Clydesdale and Yorkshire banks to investment group NBNK in a deal valued up to $2.3 billion.

NBNK is understood to be keen on the sale because it will mean a banking licence and funding for its bid for the 632 branches Lloyds Banking Group is selling. NAB on the other hand, will get an exit option from an underperforming market.

A bit of good news comes from recently chastised Centro Property Group (ASX:CNP) as it confirmed the sale of its US assets to private equity company Blackstone Group yesterday. The proceeds of the sale would be used for debt repayment.

The sale was necessary to keep the bankers away from the shopping centre titan, which had $16 billion in debt before selling its US assets. Chief executive Robert Tsenin spoke about the slow restructuring.

Fairfax (ASX:FXJ) is zeroing in on its journalism content to woo advertisers and provide value for shareholders, said chief executive Greg Hywood after shares dropped one dollar last week.

The media giant is on to a potential sale of its assets, with radio stations 2UE, 3AW and others to be put up for sale first. The Sydney Morning Herald, The Age and online papers remain off limits, however, said Hywood. Macquarie Radio Network Ltd has already indicated an interest to bid.

Fairfax (ASX:FXJ) confirms reports that it may sell its metropolitan and radio division. It has appointed KMG Corporate Finance to aid in the selling process. Its final decision will be based on an "acceptable price and consideration of all options to maximise value".

Centro Property Group (ASX:CNP) is looking to sell assets to lower debt. The formal sale process for more than $13bn of the Centro assets was launched by Centro Properties Group yesterday to "test the market" for interest in individual Centro properties and portfolios, or the entire platform. A takeover approach a month ago by Singapore's GIC and a US-based group for the Centro business which includes 700 Australian and US shopping centres valued at $18.6 billion.

Boral (BLD), one of the leading building and construction material manufacturer and wholesaler with key operations located in Australia, Asia and the United States has remodeled its key businesses and identified a number of non-core assets for sale. The company is currently seeking to raise as much as $490 million in an attempt to boost up its growth and strengthen up the balance sheet.

One of the key investors in energy utility assets Duet Group (DUE), which focuses mainly on the Australian and New Zealand market has declared that it has put 29 percent of its holdings in US utility Duquesne for sale as the company is planning to give more concentration on the Australian market. It is to be mentioned that the company made its first offshore investments on assets only three years ago.

OZ Minerals (OZL) sold most of their mining assets to China's state owned Minmetals Nonferrous Metals Co. last year at US$1.35 billion. The Australian subsidiary of Minmetals, MMG (Minerals and Metals Group) announced that the company earned a net profit of US$180 million in 2009.

Announcement of asset write-down drops the share price of Australia’s largest project development and contracting group, Leighton Holdings (LEI). This announcement sends the Australian market an alarming message that the crisis situation which prevailed last year will continue even this year. The share price of the company has gone down by 10% in spite of the company’s powerful management team and strong balance sheet.