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Vocus loses another potential suitor as AGL walks away

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(Image: Getty Images/iStockphoto)

Vocus has seen another potential buyer of its business walk away as AGL has withdrawn the AU$4.85 per share offer it put forward last week.

Following its proposal, AGL was offered exclusive due diligence access for four weeks.

“We believe there will be material opportunities for AGL as energy and data value streams continue to converge and the traditional energy sector accelerates its transformation,” AGL told the ASX on Monday morning, a week into its diligence.

“The approach to Vocus reflected our view that the Vocus asset base has attributes that could support the execution of this strategy and benefit our customers.

“However, we are no longer confident that an acquisition of Vocus at the proposed terms would represent sufficient certainty of creating value for AGL shareholders.”

AGL had previously said its proposed purchase would allow it to offer data and energy bundles to enterprise customers, and that it expected the company to have a positive impact on its earnings within the first year.

Earlier this month, EQT Infrastructure walked away from a AU$5.25 proposal after conducting due diligence.

In its half-year results announced in February, Vocus reported revenue as being up 1% to AU$974 million, while underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) was down 10% to AU$171 million, and statutory earnings before interest and tax was down a third to AU$50 million.

Related Coverage

AGL puts forward offer for Vocus

Offer put forward by Australian energy provider is 40 cents lower than EQT’s dumped proposal price.

EQT walks away from Vocus proposal

Due diligence fails to result in an offer for Australian telco.

Vocus receives all cash takeover proposal from EQT Infrastructure

EQT offers AU$5.25 for shares that have traded below AU$4 for most of the year.

Vocus getting out of NBN land grab to focus on fibre links and wireless

NBN is complex and economically unattractive, and retail will shift towards fixed wireless and mobile, the company has said.

ACCC starts breaking out Vodafone NBN customer connections

Vodafone Australia is sitting around the level of Aussie Broadband and MyRepublic in the latest ACCC Wholesale Market Indicators Report.

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Cars

The Best Features Of The Aston Martin Vulcan

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Although the Vulcan was specifically designed not to be road legal, one owner decided that they wanted to stick on some license plates and take it on the highway anyway. Except, it was far from that simple, as the conversion process required making some major changes to the car, and cost several hundred thousand dollars on top of the original purchase price (via Motor1). The street conversion was handled by RML Group but had full support from the Aston Martin factory, and after completion, it became the only road-legal Vulcan in existence.

Among the litany of changes required were the addition of windshield wipers, side mirrors, and a central locking system. Michelin road tires were also fitted, and a new set of headlights had to be installed to meet height requirements for British roads. The bladed tail lights were also covered over for safety, and a few of the sharper surface edges around the cabin were smoothed out. Then, the engine was remapped to meet emissions requirements, the suspension was softened, and a lift system was installed to give the car extra clearance for speed bumps. After all that, plus a few final touches, a license plate was fitted and the car was ready to go. Unfortunately, it seems like the owner’s enthusiasm for taking it on the road quickly evaporated, as checking the car’s plates against the British government database shows that its MOT (the annual national roadworthiness test) certificate expired back in January 2022.

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5 Cars Owned By Bob Seger That Prove He Has Great Taste

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Pulling into the final spot on the list is a 1969 Shelby Cobra GT350 Fastback. This particular car is unique for a few reasons. First, it was the last “new original” Shelby that Ford would produce. The GT350 and GT500 released in 1970 weren’t actually new or original but re-VIN’d production cars from the previous year. Also, during the summer of ’69, Carrol Shelby ended his association with Ford (via MustangSpecs).

It had one of Ford’s new 351 Windsor V8 engines with a 470 CFM four-barrel Autolite carburetor under the hood that pounded out 290hp and 385 lb-ft of torque. Its 0 – 60 time was a modest 6.5 seconds, and it did the quarter mile in 14.9 seconds (via MustangSpecs).

According to MustangSpecs, it was typically mated to a 4-speed manual transmission, but Seger’s had a Tremec 6-speed stick instead (via Mecum Auctions). Seger’s Candy Apple Red GT350 had Ford’s upgraded interior package, flaunting a landscape of imitation teak wood covering the dash, steering wheel, door accents, and center console trim (via MustangSpecs).

According to Mecum Auctions, Seger’s was number 42 of 935. When it sold at auction in 2013 for $65,000, it noted that it had been displayed at the Henry Ford Museum at the Rock Stars, Cars & Guitars Exhibit.

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Here’s What Made Volkswagen’s Air-Cooled Engine So Special

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Engines like the Chevy Small Block, Ford 5.0, Chrysler HEMI, and Toyota 2JZ are known for power, torque, and how quickly they can propel a hunk of steel down the drag strip or around the corners of a track. The Volkswagen air-cooled engine is remembered amongst people who have owned one as reliable, easy to maintain, and as numerous as grains of sand on the beach. VW made literally tens of millions of the engine, including over 21 million in just the Beetle (via Autoweek). 

It’s difficult to nail down specific aspects of the engine’s early history as sources tend to disagree on years. But the engine can be traced back to very early Volkswagen models designed with help from Ferdinand Porsche and built in the late-1930s to early 1940s in Nazi Germany. Official sources from Volkswagen are reluctant to acknowledge use of the engine or even the existence of the Beetle prior to the end of World War II.

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