Private equity, foreign investors fuel Aussie M&A activity in 2026

Sept 16 (Reuters) - Australian companies have attracted a wave of takeover interest from private equity firms and overseas investors so far in 2026, although only a limited number of those approaches have advanced beyond the preliminary stages.

Here are some Australian companies that have received takeover approaches this year:

Atlas Arteria ALX.AX:

Australia's Atlas Arteria received a takeover offer from IFM Global Infrastructure Fund in April for all the shares the fund did not own at the time, valuing the former at A$6.89 billion ($4.91 billion).

The fund's unit, Diamond Infraco 1, also dangled a potential sweetener for shareholders of the toll road operator at the time, saying the offer price would rise to a maximum A$5.10 per share if it secured a 45% or higher stake in the company before the offer closed.

BlueScope Steel BSL.AX:

Australia's BlueScope Steel received a A$13.15 billion ($9.37 billion) takeover proposal in early January from an investor group comprising billionaire Kerry Stokes-owned SGH SGH.AX and US-based Steel Dynamics STLD.O.

In late February, the steel producer spurned the offer, saying the price was not sufficient for the board to recommend a scheme of arrangement, but left the door open for further talks.

Cleanaway Waste Management CWY.AX:

Australia's Cleanaway Waste Management received a A$9.4 billion ($6.70 billion) takeover offer from EQT Infrastructure in mid-August and granted it exclusive due diligence, the company said.

EQT Infrastructure is managed by Swedish investment firm EQT EQTAB.ST.

FleetPartners FPR.AX:

Australia's FleetPartners said it received revised takeover bids from SG Fleet, Japan's ORIX 8591.T and a consortium led by Sumitomo Corp 8053.T mid-September, valuing the firm at up to A$982.1 million ($701.22 million).

The vehicle leasing firm added that the board has decided to grant each of SG Fleet, ORIX and the Sumitomo Consortium access to a further phase of due diligence.

IDP Education IEL.AX:

Australia's IDP Education said it had rejected a roughly A$694.7 million ($492.89 million) takeover proposal from Blackstone, saying the approach substantially undervalued the company.

Blackstone Singapore on September 9 offered A$2.50 per share in cash, representing a premium of about 56% to the stock's September 8 close.

IDP said the board considered the proposal "highly opportunistic", given current industry challenges and its ongoing multi-year transformation programme.

Ingenia Communities INA.AX:

Australia's Ingenia Communities in early September rejected a A$1.94 billion ($1.39 billion) buyout offer from US-based private equity firm Warburg Pincus, saying the bid undervalued the company.

Warburg Pincus' offer also included the condition that the property developer terminate its planned $711 million deal to acquire master-planned communities developer Peet PPC.AX.

Lynas Rare Earths LYC.AX:

The world's largest producer of rare earths outside China, Lynas Rare Earths, was in takeover talks earlier this year, but the discussions were highly uncertain and did not proceed, a spokesperson said in early September.

Perpetual PPT.AX:

Australia's Perpetual turned down EQT AB's sweetened offer of A$2.55 billion ($1.82 billion) in late July, saying that it was not in the best interests of shareholders, but granted limited due diligence access to the Swedish buyout firm as it considers a possible improved offer.

In August, along with its annual results, it said it had entered a non-disclosure agreement with Windflower Pte, an entity understood to be indirectly controlled by Sweden's EQT AB, to determine if an improved proposal could be formulated.

Reliance Worldwide RWC.AX:

Reliance Worldwide RWC.AX agreed to a roughly $2.9 billion buyout mid-September from global investment firm Brookfield BN.TO, a reprieve for the Australian plumbing supplies company that is facing the impact of US tariffs and economic uncertainty.

Steadfast SDF.AX:

Australia's Steadfast accepted an A$7.7 billion ($5.50 billion) acquisition bid by a KKR-backed KKR.N consortium in late August.

Under the deal, speciality insurance distributor Amwins Group and Dragoneer Investment Group will take control of its underwriting agency business and broking operations, respectively.

Suncorp SUN.AX:

In late August, the Financial Times reported that Japanese insurer Tokio Marine 8766.T has identified Australia's Suncorp as a preferred takeover target after reviewing several potential options, citing people familiar with the matter.

The sources warned that discussions were ongoing and there was no certainty a deal would result, the report said. Suncorp declined to comment on the report.

($1 = 1.4027 Australian dollars)

($1 = 1.4094 Australian dollars)