Lowy Family Backs Magellan-Barrenjoey Merger

0:00Here's more Sydney news for March 6th. The billionaire Loewe family has snapped up a major stake in Magellan financial group just days after the firm announced its merger with investment. Banked Bear Enjoy, Magellan, which partly owns Bear Enjoy, is raising capital to support the deal, and business leader David Gonsky will chair the combined company. Earlier this week, Magellan revealed plans to buy out other Bear Enjoy shareholders by issuing new shares. The Loewe family jumped in as a cornerstone investor, citing their long ties to both Magellan funds and Bear Enjoy's team since its start in 2020. Steven Loewe highlighted the family's investor history and confidence in the merged outfit as a solid long-term bet. Meanwhile, Magellan's chairman Andrew Formica said that Taya builds a broader platform covering investment management, corporate finance, equities, fixed income, and capital markets. The board fully backs the merger and urges shareholders to approve it at a vote next month.

1:00Markets like the move, too, with Magellan shares climbing over 8% in the past five days, even as the broader market dipped. This comes as Magellan already counts big global players like State Street, BlackRock, and Vanguard among its top shareholders. Investors will watch closely as the deal shapes up. This DNN story is thanks to our sponsor details in the description. If Sleep Podcasts are your thing, this is your pillow. Built for comfort and calm, S-O-L-I-S-O-L-L-Pillow.com