Overseas investors have made a succession of takeover offers for Australian companies, and negotiations over valuation remain ongoing. Price and strategy are the focus behind major deals heading into 2026.
Australia's market has seen a succession of takeover offers from private equity firms and overseas investors throughout 2026, with many deals still at an early stage. Targets include companies operating toll roads, steelmakers, insurers, asset managers and manufacturers of piping products.
IFM proposed acquiring all shares in Atlas Arteria, valuing the company at approximately A$6.89 billion. Diamond Infrastructure 1, which is under IFM, indicated that the share price could rise depending on the stake acquired.
A takeover offer of more than A$131 million was presented for BlueScope Steel, but the price was deemed insufficient to secure shareholder support. The offer was rejected, although room remained for negotiations to continue.
Cleanaway Waste Management received a takeover offer of approximately A$9.4 billion, and the Australian side granted exclusive access to due diligence. FleetPartners received a revised offer in mid-September and indicated that it would grant the three companies access to the next stage of due diligence.
These cases demonstrate the high level of interest in the Australian market in 2026. However, only a limited number of deals ultimately close, and discussions continue over valuations, due diligence terms and strategic implications.