Australia's Magellan Financial eyes strongest session in nearly 20 years on Barrenjoey plans

Magellan Financial

03/03/2026 02:35

Updates

** Magellan Financial MFG.AX soars as much as 31.3% to A$11.11, highest since August 20, 2025

** Stock set for strongest intraday trading session since September 7, 2006

** Resumes trading after being on halt on Monday; tops ASX 200 index .AXJO

** On Monday, co said it will acquire all issued shares of Barrenjoey Capital Partners that it does not currently own at implied value of A$1.62 bln ($1.15 bln) for Barrenjoey as a whole

** Announced share placement to raise up to A$130 mln at A$8.45/share

** Morningstar says deal won't be "value-accretive over long run"

** Adds co's fundamentals weak, with core funds management business continuing to experience earnings declines

        ** Notes Barrenjoey buyout doesn't directly address structural pressures

** YTD, MFG up 1.3%

($1 = A$1.4085)

 (Reporting by Shivangi Lahiri & Rajasik Mukherjee in Bengaluru)

 ((shivangi.lahiri@thomsonreuters.com))