Listed companies with pre-CGT shareholdings

1. BHP, $230b: too big to take over but too much value given to Billiton shareholders in the foolish 2001 merger - swallowed OZ Minerals for almost $10 billion in early 2023.

4. NAB, $84.5b: part of Big Four oligopoly and effectively protected from takeover. Only major takeovers over the years were in the UK, US, Bank of New Zealand and MLC, all of which which were dumped except for BNZ.

5. Westpac (WBC), $75.3b: the old Bank of NSW and effectively protected from takeover. Bought Bank of Melbourne, Challenge Bank, St George Bank, Advance Bank and parts of BT over the years.

6. ANZ, $75.3b: part of Big Four oligopoly and effectively protected from takeover. Currently trying to buy Suncorp's banking business for $5 billion.

9. Woodside Energy (WDC), $68.9b: named after a small Gippsland town, initially sponsored by BHP and Shell and finally became independent when Shell exited the register and BHP sold its oil and gas assets for shares that were distributed to its own shareholders. No major shareholder and Peter Costello saved it from a Shell takeover more than 20 years ago. Made a move on Santos in late 2023. Listed on November 18, 1971.

10. Wesfarmers (WES), $55.4b: Perth-based farmers co-operative that was founded in 1914 but only listed in 1984. Secured hardware dominance with the $2.7b takeover of Howard Smith in 2001 and retail dominance with the 2007 takeover of Coles Group, but then demerged Coles a few years back. Bunnings is its best business.

13. Rio Tinto (RIO), $44.2b: should be higher but dual listed UK shares are excluded from the calculation. Takeover proof as CCP controlled Chinalco is largest shareholder with about 10%, picked up during the GFC.

18. Santos (STO), $25b. the 15% shareholder limit was lifted by the SA Govt in 2007 and it sensibly fought off multiple takeover offers over the past 6 years, before gobbling up Oil Search in 2021 to arguably make itself too big to buy, until Woodside came along in late 2023.

21. QBE Insurance (QBE), $22.3b. was once subjected to a takeover bid by Rene Rivkin but now has a completely open share register. Listed on June 28, 1973.

23. Brambles (BXB), $19.5b. shortly before Don Argus became chairman, it was all set to relocate its head office to Virginia, near Washington DC. Was dual listed in London after GKN merger and apart from Asciano having a brief nibble, has not been subjected to a serious takeover bid in recent years. Listed in 1954.

26. James Hardie (JHX), $17.8b. Left for Ireland after its asbestos scandals but remains primarily a US and Australian focused building products group with no major shareholder. First listed in 1951.

# 39. Ramsay Healthcare (RHC), $12.9b. the late founder Paul Ramsay left his controlling stake with a trust which remains the largest shareholder with 43m shares or 18.8%. New York-based private equity giant KKR lobbed a cash bit at $88 a share in April 2022 but then walked away 5 months later. Stock back to $56.41.

# 42. Reece Australia (REH), $12.2b. the plumbing supplies business is still majority controlled by the three Wilson brothers who are now all in their 80s. Long time executive chairman Alan Wilson has successfully shunned governance rules to anoint his son Peter Wilson to become executive chairman at some point in the future when the current independent chair Tim Poole leaves the board.

# 46. Soul Pattinson (SOL), $11.4b. one of Australia's oldest listed companies and protected from takeover by its Brickworks cross shareholding. Bulked up considerably after overpaying with $4b worth of its shares for Milton in 2021, Australia's third biggest listed investment company. Bid for Perpetual in late 2023.

51. Stockland, $10b: diversified property giant which has never received a takeover bid despite having an open share register for more than 20 years. Founder Irvin Graf retired as chair in 2002 and then passed away at the age of 77 in 2002. First floated in 1957 after being founded by Graf and Albert Scheinberg in 1952. See Wikipedia entry.

52. Amcor, $9.4b: primary listing and head office is now outside Australia after it bought US company Bemis in 2019 and then listed on the NYSE. No major shareholder and never been subjected to a public takeover bid.

53. Mirvac (MGR), $9.3b: mopped up its listed associate in 2009 and scaled up when it won the management rights to the likes of the Westpac Office Fund and one of the AMP property trusts. An open register and never been subjected to a takeover offer.

# 60. Worley (WOR), $8.9b. floated at just $2 a share in 2002 when it raised $96 million and has been stalked by Middle Eastern group Dar which offered $2.9 billion in 2016 or $11.80 a share. Worley remains difficult to acquire as long as billionaire chairman John Grill remains in place with his 6.5%, although DAR is sitting tight with 22.5%. Shares now at $16.87.

61. AFIC (AFI), $8.85b. Australia's biggest LIC with more than 100,000 retail shareholders.

67. GPT Group (GPT): $8.2b: created by Lend Lease in 1970 and then fended off a Lend Lease takeover in 2004 when Japanese arbitrage fund Citadel and rival property player Westfield voted down the scheme. Also fended off a Stockland takeover during this period when it internalised management and became independent. Almost collapsed under an enormous debt load during the GFC when it did an emergency equity raising at historically low prices.

70. AGL Energy (AGL), $7.7b: started out as the monopoly gas distributor in NSW and now an integrated "gentailer" with national operations and a stronger focus on renewables after an activist intervention by billionaire Mike Cannon-Brookes.

72. Ampol, $7.2b: has a long history going back to Pioneer International and was controlled for many years by US giant Chevron but is now an independent with no major shareholder.

74. Orica (ORI), $6.9b: originally traded as ICI Australia before the British parent sold out in the 1990s.

77. Argo Investments (ARG), $6.66b: Adelaide-based listed investment company second only to AFIC.

86. Lend Lease (LLC), $5.9b: a lumbering giant which hasn't delivered good returns for investors ever since Stuart Hornery and David Higgins bailed out in the late 1990s.

87. Incitec Pivot (IPL), $5.57b: began trading on the ASX on 30 July 2003 after the merger between Incitec Fertilizers and the Pivot group. Expanded with the acquisition of Southern Cross Fertilisers in 2006 and Dyno Nobel in 2008, making it Australia's biggest fertiliser producer and the world's second biggest explosives manufacturer. See Wikipedia entry.

88. Whitehaven Coal (WHC), $5.56b: coal miner which was was controlled by Nathan Tinkler back in the day before he went broke. Chaired by former Nationals leader Mark Vaile and recently bulked up with a major Queensland coal acquisition off BHP.

89. Charter Hall (CHC), $5.5b: almost went broke during the GFC but has emerged to be the largest owner/manager of Australian property listed on the ASX, with multiple listed trusts in the group.

90. ALS Ltd, $5.5b: Brisbane-based mineral testing giant with global operations and no major shareholder.

97. Iluka Resources (ILU), $4.8b: the world's biggest and best mineral sands company which is based in Perth and has no major shareholder of note.

# 102. Harvey Norman (HVN), $4.6b: trades at a huge governance discount because of Gerry Harvey's cowboy behaviour. He should give someone else a go. Suffered an 81% remuneration strike in 2023 and the usual big director protest votes.

# 103. Domino's Pizza: $4.4b: one of the great Australian success stories rolling out its successful franchise model all over the world. Billionaire chairman Jack Cowin is the largest shareholder with more than 20%.

105. Alumina (AWC), $4.25b: spun out of WMC in the early 2000s as a post box company which owns 40% of the AWAC joint venture which is run by Alcoa. Chinese investor CITIC is the largest shareholder.

# 106. New Hope Corporation (NHC), $4.24b: Ipswich-based coal miner which is controlled by diversified conglomerate Soul Pattinson and chaired by its combative billionaire chairman Robert Millner. Battled for over a decade to win approval for its Acland mine expansion which was opposed by Alan Jones, who grew up nearby.

108. Fletcher Building, $4.1b: dual listed NZ construction company.

# 111. Eagers Automotive, $3.8b: became Australia's largest car dealer when it took over rival Automotive Holdings but still only has about 10% of the market. Chairman Nick Polites is the largest shareholder.

113. Bank of Queensland (BOQ), $3.77b: one of the last surviving listed regional banks along with Bendigo. Bulked up when it bought ME Bank off the industry funds a couple of years back but has struggled ever since. Stock at $5.61 in December 2023 so the investors who took up a $1.35 billion raising at $7.35 in March 2021 to fund its ME Bank acquisition have done very poorly.

116. Metcash (MTS), $3.6b: morphed from John David's wholesaling empire to a South African controlled outfit to the third force in retailing though IGA with no major shareholder. See company history.

117. Ansell (ANN), $3.5b: the only surviving listed element of the old Pacific Dunlop.

# 119. Beach Energy, $3.43b: Adelaide based oil company with Kerry Stokes's Seven Group Holdings as its largest shareholder.

# 122. Premier Investments (PMV), $3.36b. Solly Lew's long term retail investment plaything which owns Just Jeans and Smiggle, has a big stake in Breville and is nearing control of Myer.

136. Perpetual, $2.91b: fended off a $1.7b indicative bid from KKR in 2010 priced at $38-$40 and then mopped up rival Pendal earlier this year. Shares still below the KKR price at $25.90 as stock pickers struggle with the rise of index funds and ETFs. Soul Pattinson lobbed a bid in late 2023.

138. Orora, $2.84b: demerged by Amcor in 2014 ahead of its decision to redomicile in London. No major shareholder.

# 150. ARB, $2.5b: listed in 1987. Great organic Australian success story and still run by the Brown family which launched the business in 1975 and retain a 6%. Have only just surrendered chair but remain CEO.

Nufarm (NUF), $2.03b: Melbourne-based fertiliser and chemical business with a Kiwi heritage which used to have Japanese giant Sumitomo as its largest shareholder but now has Allan Gray with 11.8% followed by Aware Super with 6%.

# Event & Hospitality Ltd, $1.89b: the old Amalgamated Holdings which is controlled by Allan Rydge and owns the Rydges hotel chain, plus Greater Union cinemas and a large investment portfolio through the listed Carlton Investments.

# Dicker Data, $1.49b: computer retailer controlled by divorced founders Dave Dicker and Fiona Brown who both still serve on the board. Floated in 2011 when it raised $1m in a compliance listing at 20c. Stock now around $11.50.

Codan, $1.43b: an Adelaide-based company with a long history which listed in 2003 when it raised $20 million at $1.10 a share. It has performed well in recent years designing and manufacturing a range of electronic products and associated software for government, businesses and not for profits across the world.

Australia United Investments (AUI), $1.23b: just a passive LIC controlled by the Potter foundation through its long standing chair Charles Goode. Finished 2023 with a market cap of $1.26 billion.

Monadelphous (MND), $1.21b: Perth-based company which specialises on big construction jobs related to the oil and gas industry. Finished 2023 with a market cap of $1.44 billion.

# Redox (RDX), $1.17b: floated at $2.55 a share in 2023 with the founding family retaining a majority stake. Finished 2023 with a market cap of $1.23 billion.

Elders (MSB), $1.12b: agricultural services giant which almost went broke under the weight of its timber plantations losses but has powered back in recent years. Finished 2023 with a market cap of $1.2 billion.

Diversified United Investments (DUI), $1.07b: just a passive LIC controlled by the Potter foundation through its long standing chair Charles Goode. Finished 2023 with a market cap of $1.09 billion.

Hansen Technology (HSN), $1.02b: a successful technology company with global operations based on billing systems. Was based in Doncaster for many years before recently moving its head office to the Melbourne CBD. Finished 2023 with a market cap of $1.2 billion.

Copyright © 2025 The Mayne Report. All rights reserved

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