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PHILLIP LASKER, PRESENTER: There's been more consolidation within the private health industry, with the planned merger of Manchester Unity and HCF.
The quarter of a billion dollar deal would see Manchester Unity, led by former New South Wales Liberal leader John Brogden, folded into the operations of HCF, Australia's third biggest health insurer.
The plan, which requires both the support of Manchester members and regulatory approval, would see the new combined entity control 11 and a half per cent of the local market.
The move follows last year's stock market listing of NIB and the $2.4-billion takeover of MBF and by BUPA Australia.
To the other major movers on our market today.
Disappointing earnings saw Macarthur Coal lose over 10 per cent.
Babcock & Brown shed another nine per cent after saying it was reviewing its ownership and management rights to listed satellite, Babcock & Brown Capital.
Rival investment bank Macquarie recouped some of yesterday's losses, adding over one per cent.
And trading in Gunns remains suspended. The timber group said today it couldn't guarantee raising the funds needed to build its controversial pulp mill in northern Tasmania.
On commodity markets, gold has jumped over one per cent higher.
And in New York, crude oil has risen for a fourth day to just under US$119 a barrel.
On currency markets, stronger commodity prices together with those robust capital expenditure numbers have pushed the Australian dollar higher.
Source: Lateline Business
